Trump Says US To Take Control Over Venezuela Oil

August 29, 2026 4:55 am

WASHINGTON (AP) — President Donald Trump says his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country’s untapped oil reserves, at cost. Trump said in a social media post Friday that the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting President Delcy Rodríguez. The president calls it “THE BIGGEST OIL DEAL IN WORLD HISTORY!” Rodríguez’s government says the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It says it could draw $100 billion in investment into Venezuela’s oil industry,