President Donald Trump announced Friday evening that the United States and Venezuela have reached an agreement he described as “the biggest oil deal in world history.” The deal, brokered at his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, along with Venezuela’s interim president Delcy Rodriguez, secures majority U.S. control of more than 65 billion barrels of proven oil reserves in Venezuela at no cost to American taxpayers.
In his announcement, Trump declared that the transaction “more than doubles American oil reserves,” greatly increases U.S. oil supply, and will “substantially lower gas prices for all Americans, long into the future,” while helping Venezuela move toward “tremendous success and great prosperity.”
Rubio: A Win for Both Countries
Secretary of State Marco Rubio echoed the president’s enthusiasm in a post on X, calling the deal “a huge win for both the American and Venezuelan people.” Rubio highlighted that the agreement demonstrates how Trump’s “bold foreign policy is driving America First wins,” securing stable reserves and low-cost oil in the Western Hemisphere while lowering gas prices at home. He also noted the deal would bring nearly $100 billion in private investment to Venezuela, support thousands of high-paying jobs, and drive the reconstruction of the country’s economy.
Sen. Bernie Moreno (R-Ohio) also praised the agreement, contrasting it with the previous situation under Nicolás Maduro, whom he accused of selling Venezuelan oil to China at half price. Moreno called the deal “historic” and said it “benefits both countries for generations.”
Details Still Under Wraps
The full contract has not been released to the public, though speculation has been building over the past few days. Currently, proceeds from Venezuelan oil sales are held in a U.S. Treasury–supervised account, with disbursement controlled by Rubio and Treasury Secretary Scott Bessent.
Venezuela holds the world’s largest proven crude reserves, estimated at 303–304 billion barrels, roughly 19% of the global total. Output once exceeded 3 million barrels per day but averaged about 941,000 bpd in 2025. It has since recovered to roughly 1.23–1.25 million bpd in late August 2026, marking the highest level since early 2019 and a nearly 30% increase since January 2026. That rebound follows sanctions relief and cuts to the state’s take on many projects to 20–35%, down from around 83%.
Questions About Venezuelan Public Sentiment
PJ Media’s Sarah Anderson, who reports being in regular contact with Venezuelans, cautioned that while the deal may be a win for the U.S., morale among everyday Venezuelans remains low. “Their day-to-day lives haven’t changed much and, in some cases, have gotten worse,” she wrote, citing daily blackouts and continued hardships. The double earthquakes that struck in June have compounded the struggles, and many Venezuelans are “fed up with Delcy and ready to have elections and real leadership,” Anderson said. She predicted Trump’s flattering reference to Rodriguez as “highly respected” would not sit well at home, though she acknowledged it may be part of the broader diplomatic process.
The deal marks a significant shift in U.S.-Venezuela relations, following the removal of Maduro and the strengthening of ties between the two nations. Further details on the contract’s terms and implementation are expected in the coming weeks.
Source: pjmedia.com — https://pjmedia.com/sarah-anderson/2026/08/28/trump-makes-a-huge-announcement-regarding-venezuelan-oil-n4956664
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