Trump Secures Majority Control of 65 Billion Barrels of Venezuelan Oil

President Donald Trump announced a massive energy agreement with Venezuela on August 28, 2026, which he characterized as the biggest oil deal in world history. The pact grants the United States majority control over more than 65 billion barrels of proven oil reserves across 17 strategic fields, primarily in the Orinoco Belt and Lake Maracaibo. The deal follows the January capture of former President Nicolás Maduro by U.S. forces and was negotiated with interim President Delcy Rodríguez.

The arrangement establishes a joint venture with North American Blue Energy Partners, led by businessman Alejandro Betancourt López. Under the terms, the U.S. government—via the Pentagon's Office of Strategic Capital—will hold a 35% equity stake in the company's parent and secure a 55% effective share of production. The U.S. maintains preferential rights to purchase 20% of the output at cost to replenish the Strategic Petroleum Reserve, which has hit its lowest level since 1982.

Interim President Delcy Rodríguez stated the project would attract over $100 billion in private investment and generate more than $209 billion in tax revenue. However, significant contradictions exist regarding the deal's duration, with the Trump administration citing 100-year concessions while Rodríguez describes a 25-year venture.

Critics, including Democratic lawmakers and Venezuelan opposition figures, have condemned the deal as a private oil grab and a violation of national sovereignty. Energy analysts warn that dilapidated infrastructure means production increases will take years to materialize and will not provide immediate relief for U.S. gasoline prices, which have surged due to an ongoing conflict with Iran.