The US has agreed a deal with Venezuela under which it will control more than 65 billion barrels of the South American country’s proven oil reserves, President Donald Trump said.

Trump said the agreement would “more than double” American oil reserves, increase the US supply, and help lower gas prices. He gave few operational details, while describing the arrangement as historic.

Deal Arrives As US Presses On Venezuela

Trump said he intended to draw on Venezuela’s reserves, which are the largest in the world, after the US seized President Nicolás Maduro earlier this year. The president has also faced growing pressure to bring down domestic petrol prices, which rose during the period of tension linked to the Iran conflict.

Venezuela’s interim President, Delcy Rodriguez, welcomed the agreement, saying it would support her country’s economic revival.

Investment, Taxes And Partnership Claims

Secretary of State Marco Rubio described the deal as a win for both the United States and Venezuelans. He said it would bring nearly $100 billion in private investment, support thousands of jobs and help reconstruct Venezuela’s economy, adding that Rubio’s remarks were also posted on social media.

Trump said Rubio and Defence Secretary Pete Hegseth had reached the agreement with Venezuela’s leadership through a partnership with private business. He did not set out what specific commitments the US or private firms would make, but said the accord would be reached “at no cost to the American Taxpayer”.

Rodriguez said the deal involves developing 17 strategic oil fields with proven potential of 65 billion barrels. She also cited plans for more than $100 billion in investment and more than $209 billion in taxes for the state.

She said the investments would support the recovery and modernisation of the oil industry, boost economic growth, strengthen energy security in the hemisphere, and improve balance in international markets.

US Control Of Joint Venture; Legal Issues Unclear

Under the arrangement, the US government will hold 55% control of a joint venture run through an “experienced private operator in Venezuela”, a US official told BBC media partner CBS News. Rodriguez granted the venture a 100-year concession to operate in the fields.

Trump’s account of the agreement did not provide the full terms, and the deal’s structure has been described as unusual because it appears to give the US direct governance over access to a foreign state’s sovereign resources. The arrangement also appears broader than the US-led Coalition Provisional Authority’s oversight of Iraq’s oil revenues after Saddam Hussein was removed in 2003.

It is unclear whether the Venezuelan deal could face legal and constitutional challenges in Venezuela. The official text of the agreement between Washington and Caracas has not been released.

The announcement comes after Maduro and his wife, Cilia Flores, were seized in a US special forces operation authorised by Trump on 3 January. In the hours after the raid, Trump said the US would run Venezuela until a “safe, proper and judicious transition” could be established, adding that Washington would indefinitely control the sale of Venezuela’s oil.

Venezuela has estimated proven reserves of about 303 billion barrels, although output has fallen sharply since its peak in the late 1990s. Trump has previously asked US oil firms to invest at least $100 billion to restore Venezuela’s industry, and he has said he has rights to the country’s oil after Venezuela “unilaterally seized and sold American oil, American assets and American platforms”, costing the US billions of dollars.

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29 August 2026

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Disgusting. Might is not right.

A remake of Irak?. You make up some excuse to invade and then steal their oil. Nothing new here with America's doings since the lase xx years. Sorry to my US friends, but this is a fact...🙏

What the clown in office does not seem to understand is that even if the US market gets flooded with oil, if elsewhere there is a lack, prices will always remain high. Consequently, the usual greed all over, will not decrease the domestic prices in America much to the anger of the voters and public.

Edited August 29Aug 29 by Sigmund

59 minutes ago, webfact said:

Rodriguez said the deal involves developing 17 strategic oil fields with proven potential of 65 billion barrels. She also cited plans for more than $100 billion in investment and more than $209 billion in taxes for the state.

It still isn't clear to me how much of the profits go to Venezuela from the deal on tapping 17 oil fields containing some 65 billion barrels. Does the US Government and the private sector deal mean all the profits stay with them? What's in it for Venezuela?

I'm sure Trump and his billionaire cronies will wet their beaks in this deal.

Just like before Trump's going to have a hard time getting US companies to spend the kind of money it would take to develop it. Nobody wants to risk that kind of capital because when a non Trump appointed government takes over things will change dramatically.

On 8/29/2026 at 2:02 PM, ronnie50 said:

It still isn't clear to me how much of the profits go to Venezuela from the deal on tapping 17 oil fields containing some 65 billion barrels. Does the US Government and the private sector deal mean all the profits stay with them? What's in it for Venezuela?

Sweet fanny all for Venezuela.

The USA thieving still again.

9 minutes ago, Deerculler said:

Sweet fanny all for Venezuela.

The USA thieving still again.

So far all those middle class Venezuelans and exiles that were opposed to Maduro - be careful what you wish for.

Another billion $ in the Trump coffers!

The oil majors will be very cautious before getting involved in a potentially volatile situation.

8 minutes ago, Paul Henry said:

Another billion $ in the Trump coffers!

Through piracy, a breach of international law.

Another of Trump's deception for political and market manipulation gains. His base will lapped it all up but the market saw through the manipulation and oil price barely stirred. Besides the long gestation for repairing the brokened infrastructure and navigating the legal quadmire, Interim President Rodriquez will need approval from Venezuela National Assembly for any major international trading agreement. The National Assemble unlikely to agree to the long-term access to the country wealth by gunpoint and called Trump's move as predatory and unconstitutional. That will put a big security risk to any US investments if oil companies "contemplate"to invest the huge amount needed to repair and get a return. Probably 3-5 years. By then, the new administration will probably renege all Trump's policies for good reasons. Trump is gaslighting and diverting his disastrous Iran war that has depleted US strategic reserves and drove gas price up astronomically.

You can always count on Donald Trump to never do the right thing, and you can always count on his motives to be selfish. They would never capture Maduro just for the sake of justice.

It's been a very long time since America had any sort of moral barometer when it comes to foreign policy, and this is exactly why they should never be trusted as an ally. Never, ever.

Carney learned this the hard way, but he is teaching Trump a valuable lesson in the process.

2 hours ago, gargamon said:

Nobody wants to risk that kind of capital because when a non Trump appointed government takes over things will change dramatically.

Nah, wrong. Who says so?? But it won't matter because we will crown him as our King, and won't be going anywhere.

2 hours ago, gargamon said:

Just like before Trump's going to have a hard time getting US companies to spend the kind of money it would take to develop it. Nobody wants to risk that kind of capital because when a non Trump appointed government takes over things will change dramatically.

They would be cautious because Venezuela seized foreign owned oil companies previously.

I'm sure they have the best most experienced minds performing Due Diligence, if it's worth the efforts it will happen.

Drill baby drill.

Anyone claiming the Trump is stealing the oil doesn't understand oilfield joint ventures. Venezuela doesn't have the money to develop the assets. So they offer up 55% interest to someone who does have the $$. Happens every day in the oil business.

And Trump was smart to get 55% assigned to the USA and then contract to work out to experience oil companies. They may kick out Chevron and Exxon. In fact, they did. That's how Venezuela went down the toilet economically. They aren't going to kick out the Marines.

This is a win for the entire world, putting more oil on the world market, reducing the cost of energy and triggering development.

Well, maybe not for Canada. But that's another topic for a different thread. Elbows up, and all...

Edited August 31Aug 31 by impulse

16 minutes ago, impulse said:

Drill baby drill.

Anyone claiming the Trump is stealing the oil doesn't understand oilfield joint ventures. Venezuela doesn't have the money to develop the assets. So they offer up 55% interest to someone who does have the $$. Happens every day in the oil business.

And Trump was smart to get 55% assigned to the USA and then contract to work out to experience oil companies. They may kick out Chevron and Exxon. In fact, they did. That's how Venezuela went down the toilet economically. They aren't going to kick out the Marines.

This is a win for the entire world, putting more oil on the world market, reducing the cost of energy and triggering development.

Well, maybe not for Canada. But that's another topic for a different thread. Elbows up, and all...

What's there to understand. US has violated international law, the UN Charter and basic norms of international relations and acting like the world gangster to have the agreement at gunpoint. If you want more oil for the world, just lift the oil sanctions and stopped the illegal blockade and extrajudiciary attacks of suspected people in boats.

On 8/29/2026 at 3:02 PM, ronnie50 said:

It still isn't clear to me how much of the profits go to Venezuela from the deal on tapping 17 oil fields containing some 65 billion barrels. Does the US Government and the private sector deal mean all the profits stay with them? What's in it for Venezuela?

45%. Which is 45% more than they'd otherwise have because they don't have the money to develop the projects themselves. And nobody will trust Venezuela not to do a rinse and repeat and kick them out again after they've invested $$billions into the projects. They need the backing of someone with a military... To guaranty against a rinse and repeat. Or that oil will stay in the ground for another century or so. I like cheaper fuel. Don't you?

2 minutes ago, Eric Loh said:

What's there to understand. US has violated international law, the UN Charter and basic norms of international relations and acting like the world gangster to have the agreement at gunpoint. If you want more oil for the world, just lift the oil sanctions and stopped the illegal blockade and extrajudiciary attacks of suspected people in boats.

WTF? Were the people in boats hauling oil? Here, I've been led to believe it was cocaine.

Edited August 31Aug 31 by impulse

32 minutes ago, impulse said:

Drill baby drill.

Anyone claiming the Trump is stealing the oil doesn't understand oilfield joint ventures. Venezuela doesn't have the money to develop the assets. So they offer up 55% interest to someone who does have the $$. Happens every day in the oil business.

And Trump was smart to get 55% assigned to the USA and then contract to work out to experience oil companies. They may kick out Chevron and Exxon. In fact, they did. That's how Venezuela went down the toilet economically. They aren't going to kick out the Marines.

This is a win for the entire world, putting more oil on the world market, reducing the cost of energy and triggering development.

Well, maybe not for Canada. But that's another topic for a different thread. Elbows up, and all...

The US has taken a 35% stake in North American Blue Energy Partners. It is a Venezuelan oil company. It is run by Alejandro Betancourt Lopez who is under investigation in multiple countries for corruption and money laundering. I believe the agreement means that the US will get the oil due to them under the agreement at cost. That is fine as long as oil prices are high. You are never going to see $2 a gallon again.

Trump is showing Carney how it's done. Already phasing out Canadian oil.

How are Canada's attempts to find another market for 70% of its exports going?

Lol.

6 minutes ago, alanrchase said:

It is a Venezuelan oil company. It is run by Alejandro Betancourt Lopez who is under investigation in multiple countries for corruption and money laundering.

Show me a Venezuelan official that's not. That's another reason it's good that the US government is involved. To navigate the inevitable FCPA issues. There are places in the world where Americans literally cannot do business without violating the FCPA. I suspect Venezuela is one of them.

Edited August 31Aug 31 by impulse

33 minutes ago, impulse said:

45%. Which is 45% more than they'd otherwise have because they don't have the money to develop the projects themselves. And nobody will trust Venezuela not to do a rinse and repeat and kick them out again after they've invested $$billions into the projects. They need the backing of someone with a military... To guaranty against a rinse and repeat. Or that oil will stay in the ground for another century or so. I like cheaper fuel. Don't you?

WTF? Were the people in boats hauling oil? Here, I've been led to believe it was cocaine.

Quite a contradictory statement to take out guys running drugs on small boats that are destined to Europe, and on the other hand accept a likely bribe of $50 million to pardon the ex-president who was responsible for some of the greatest volume of trafficking in the Western Hemisphere.

1 hour ago, impulse said:

WTF? Were the people in boats hauling oil? Here, I've been led to believe it was cocaine.

We don’t known as they were blown up without any evidence of cocaine. Atrocious war crime and crime against humanity by the gangster President and soon investigated by ICC. He and his henchman Hegseth will end up as war criminals.

 

Posts with derogatory nicknames, intentional misspellings, or personal remarks will be removed. Spell names correctly for all sides of the debate.

On 8/31/2026 at 12:14 PM, Cameroni said:

Trump is showing Carney how it's done. Already phasing out Canadian oil.

How are Canada's attempts to find another market for 70% of its exports going?

Lol.

But still buying it at less than market value?

1 hour ago, VocalNeal said:

But still buying it at less than market value?

Well, Canadian oil is of such poor quality it requires a lot of work to bring it up to scratch. There has to be a huge discount for such poor quality oil.

Edited Thursday at 04:22 AM3 days by Cameroni

Incorrect.

Gas prices are higher not lower than February when you and that fox tv camera monkey decided to start this stupid war, Sir. 😄

Edited Thursday at 04:32 AM3 days by SiSePuede419
tv camera monkey

8 minutes ago, SiSePuede419 said:

Incorrect.

Gas prices are higher not lower than February when you and that fox tv camera monkey decided to start this stupid war, Sir. 😄

Thankfully Trump's masterful art of dealmaking will see to it that the oil price will fall massively eventually thanks to 65 billion barrels of Venezuelan oil. I am sure you will join me in congratulating President Trump on his excellent work.

2 minutes ago, Cameroni said:

Thankfully Trump's masterful art of dealmaking will see to it that the oil price will fall massively eventually thanks to 65 billion barrels of Venezuelan oil. I am sure you will join me in congratulating President Trump on his excellent work.

And I can't help but wonder what the price of gasoline would be if Iran nuked Tel Aviv. That's if anyone was still driving during the nuclear winter.

1 hour ago, Cameroni said:

Thankfully Trump's masterful art of dealmaking will see to it that the oil price will fall massively eventually thanks to 65 billion barrels of Venezuelan oil. I am sure you will join me in congratulating President Trump on his excellent work.

It will take years and tens of billions to develop these fields. Serious work will not begin until the oil companies are convinced Venezuela has a stable government that can enforce the rule of law and will honor long term contracts. Trump can't negotiate these realities away.

There's also the question of how long the Venezuelan people will tolerate the same autocracy and kleptocracy that existed under Maduro. Trump seems to be in no hurry to bring democracy to Venezuela.