Trump Announces Agreement for U.S. Control of Venezuelan Oil Reserves
President Trump announced an agreement with Venezuela for the U.S. to take control of 65 billion barrels of the country's oil reserves.
Raleigh Durham, NC, August 28, 2026 —
The White House has announced an agreement between the United States and Venezuela that would grant the U.S. control over an estimated 65 billion barrels of the South American nation’s oil reserves.
Details surrounding the announcement, including the specific entities involved and the timeline for implementation, were not immediately made available. The exact nature of the “control” to be exercised by the U.S. has not been specified. The contractor involved in managing these reserves was not named in the announcement.
The scale of the reserves involved represents a significant portion of Venezuela’s known oil wealth. However, information regarding the specific terms of the agreement, the current operational status of these reserves, or any inspection outcomes related to their management has not been publicly disclosed. Consequently, the precise implications of this arrangement remain unclear.
This development marks a notable shift in the relationship between the two nations concerning energy resources. Further information regarding the cause or motivation behind this agreement, as well as any subsequent actions or permit status, is pending. The outcome of any inspections related to the reserves or the agreement’s implementation has not been reported.
The fine amount associated with any potential non-compliance or violations concerning these reserves was not provided.
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