What did Trump claim the U.S. secured regarding Venezuelan oil reserves, and under what conditions?

Trump claimed that, at his direction, U.S. officials secured 'majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,' through a partnership involving Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Interim President of Venezuela Delcy Rodriguez, and private business — though he did not disclose the percentage of control or provide verifiable details about the agreement's legal or operational structure.

What are the stated economic benefits for Venezuela according to Secretary Rubio, and what is the current state of Venezuela's oil production?

According to Rubio, the deal will bring 'nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy'; meanwhile, Venezuela’s crude output stood at just 1.16 million barrels per day in July — less than half its output a decade ago — due to an earlier exodus of Western energy companies and years of underinvestment and corruption that left its oil sector 'in tatters'.

US Secures Control of Some Venezuelan Oil Reserves, Trump Says

Aug 28, 2026

President Trump claims the US secured majority control over 65 billion barrels of Venezuelan oil reserves via a private partnership. The move targets energy security amidst global disruptions and aligns with broader supply chain intervention strategies.

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