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Donald Trump announces US control of Venezuela's oil
Breaking News

Donald Trump announces US control of Venezuela’s oil

William
By William
August 29, 2026 2 Min Read
Comments Off on Donald Trump announces US control of Venezuela’s oil
An oil tanker anchored on Lake Maracaibo, before transporting its crude oil to refineries in the United States, on the orders of Trump, in Maracaibo (Venezuela), July 27, 2026.
An oil tanker anchored on Lake Maracaibo, before transporting its crude oil to refineries in the United States, on the orders of Trump, in Maracaibo (Venezuela), July 27, 2026. JOSE ISAAC BULA/ANADOLU VIA AFP

Donald Trump announced, Friday August 28, the United States’ control over Venezuelan oil reserves. “The United States of America has just reached an agreement with Venezuela on the largest oil contract in world history! »writes the American president on his social network, Truth Social.

Caracas confirmed the“historic agreement” an hour later, in a text published on social networks by the interim president, Delcy Rodriguez. According to her, he plans “to develop seventeen strategic fields… an investment of more than 100 billion dollars (more than 86 billion euros) and more than $209 billion in tax revenue for the Venezuelan state”.

In his message, Donald Trump explains that the American Secretary of State, Marco Rubio, and the head of the Pentagon, Pete Hegseth, “obtained for the United States majority control of more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer”. For the president, “This historic transaction more than doubles US oil reserves, significantly increasing (L’)supply (American) and will substantially lower fuel prices for all Americans for a long time to come, while helping put Venezuela on a path to immense success and prosperity.”

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