US Strikes Deal To Control 65 Billion Barrels of Venezuela’s Oil Reserves
WASHINGTON, CARACAS, (UrduPoint / Pakistan Point News / WAM – 29th Aug, 2026)
The US and Venezuela have agreed terms on a significant oil deal, according to reports. The agreement could see the US take control of over 65 billion barrels of Venezuela’s oil reserves, as announced by US President Donald Trump on Truth Social.
"This Historic Transaction more than doubles American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas prices for all Americans," wrote Trump.
Delcy Rodríguez, the acting president of Venezuela, later confirmed the deal on social media, stating that it involves the development of 17 strategic fields and could attract investments exceeding $100 billion, along with substantial tax revenues for the state.
US Secretary of State Marco Rubio praised the agreement as a "huge win" for both nations, highlighting its potential to secure energy reserves, drive economic growth in Venezuela, and lower gas prices in the US.
Key Takeaways:
- The deal grants the US control over vast oil reserves.
- It promises significant investment and job creation in Venezuela.
- Lower gas prices are anticipated for Americans.
