Trump secures US majority control of 65bn barrels of Venezuelan oil reserves
Executive summary: Trump announced a new US‑Venezuela oil agreement giving the US majority control of 65 bn barrels of proven oil reserves. The deal could markedly increase US oil reserves, influence global crude prices, and alter geopolitical leverage over Venezuela’s energy assets.
Who is involved: Donald Trump (US President), Venezuelan government representatives, US Secretary of State, and Venezuela’s state oil company PDVSA.
Likely next: Formal signing expected early September 2026, followed by a DOE reserve assessment by year‑end and joint pilot drilling in Q1 2027.
President Donald Trump announced a new oil agreement granting the United States majority control of 65 billion barrels of proven Venezuelan reserves. The statement was made on 28 August 2026 and framed the deal as the largest petroleum accord in history. The development signals a potential shift in US energy policy and Venezuela’s oil sector outlook.
Timeline
- — Usa, maxi intesa sul petrolio con il Venezuela. Trump: “Da noi 65 miliardi di barili, raddoppiate le riserve” (la Repubblica — Economia)
- — Trump announces new US oil agreement with Venezuela (The Guardian — Business)
- — EEUU negocia con Venezuela para hacerse con una participación en varios yacimientos petroleros (Expansión)
- — US oil producers set to ink production deals with Venezuela (Politico Europe)
- — BP to develop offshore gasfield in Venezuela with firms linked to Trump administration (The Guardian — Business)
Analysis — what this means
Likely next events
- Formal signing of the US‑Venezuela oil agreement expected early September 2026, with a ceremony in Washington, D.C.
- US Department of Energy to publish an independent assessment of the 65 bn‑barrel reserve estimate by 31 December 2026.
- PDVSA and a US consortium to commence joint pilot drilling operations in the Orinoco Belt by Q1 2027.
- US House Committee on Foreign Affairs to hold a hearing on the agreement’s compliance with sanctions regulations by 15 October 2026.
Sectors affected
- US upstream oil production
- Venezuelan crude oil sector
- Global crude oil markets
- Energy infrastructure investment in Latin America
Regulatory implications
- US Treasury to issue a specific license under the Venezuela Sanctions Regulations to permit the transfer of oil revenues.
- Committee on Foreign Investment in the United States (CFIUS) to review the transaction for national security risks.
- Environmental Protection Agency (EPA) to evaluate potential offshore drilling impacts under the National Environmental Policy Act (NEPA).
Historical parallels
- 2019 Trump‑administration easing of sanctions allowed limited US‑Venezuela oil swaps.
- 1976 Venezuelan oil industry nationalization that created PDVSA.
- 2006 Petrocaribe agreement whereby Venezuela supplied oil to Caribbean nations on preferential terms.
Key entities
Sources
- Trump announces new US oil agreement with Venezuela — The Guardian — Business
- Usa, maxi intesa sul petrolio con il Venezuela. Trump: “Da noi 65 miliardi di barili, raddoppiate le riserve” — la Repubblica — Economia
- EEUU negocia con Venezuela para hacerse con una participación en varios yacimientos petroleros — Expansión
- US oil producers set to ink production deals with Venezuela — Politico Europe
- BP to develop offshore gasfield in Venezuela with firms linked to Trump administration — The Guardian — Business
Related cases
- U.S. Energy Secretary signals Venezuela could more than double oil output via new foreign investment deals
- Trump’s plan to use Venezuelan crude to refill the US Strategic Petroleum Reserve could ease oil market tightness and boost Venezuelan revenue
- US‑Venezuela oil pact secures 25‑year access to over 1.5 million barrels per day, reshaping long‑term supply outlook
- Telefónica Hispanoamérica posts €184 million profit from Mexico and Venezuela in 2025 while exiting Chile and Colombia
- The United States secures majority control of roughly one‑fifth of Venezuela’s proven oil reserves, potentially adding about 65 billion barrels to its energy assets and reshaping global oil supply dynamics
- Trump unveils a landmark $100 billion oil development agreement with Venezuela, granting U.S. firms majority control of 65 billion barrels of proven reserves