Eight Months After U.S. Troops Seized Maduro, Trump Announces "THE BIGGEST OIL DEAL IN WORLD HISTORY" — a 100-Year Lease on 65 Billion Barrels of Venezuelan Crude
On Friday, Aug. 28, 2026, President Trump announced on Truth Social that the United States had "secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer" — calling it "THE BIGGEST OIL DEAL IN WORLD HISTORY." As described by the administration, the arrangement covers 17 oil fields across Venezuela's main petroleum basins. A newly formed private company — the U.S. government partnering with a private operator the White House has not named — receives 100-year development rights. The United States takes what officials describe as 55 percent effective output, comprising an ownership stake plus the right to buy oil at cost, with the crude earmarked for the Strategic Petroleum Reserve and military use. The administration projects roughly $100 billion in private investment into Venezuela's oil industry and more than $209 billion in tax revenue for Caracas. Trump said the deal "more than doubles American oil reserves" and "will substantially lower gas prices for all Americans." Trump said the agreement was negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela's interim president Delcy Rodríguez, who called it a "historic milestone in bilateral relations." Rubio called it "a huge win for both the American and Venezuelan people." The announcement lands roughly eight months after the January 2026 U.S. military operation that captured Nicolás Maduro and flew him to the United States to face narcoterrorism charges — an operation Congress never authorized, and one Democrats had argued from the start was about oil. Their reaction on Friday was to say the deal proved the point. Sen. Chris Van Hollen wrote that "this isn't a win," calling it "proof Trump put our service members at risk to get Venezuelan oil for his billionaire buddies." Sen. Tim Kaine, of the Foreign Relations Committee, said "Using our troops for a private oil grab is corruption at epic scale!" Republicans framed it as vindication: Sen. Bernie Moreno said that "if it were up to DC Democrats, Maduro would still be in power." Neither Trump nor Rubio disclosed specifics of the arrangement — the identity of the private operator, the production timeline, or who bears the cost of rebuilding Venezuela's degraded oil infrastructure. Major U.S. producers have kept their distance: ExxonMobil's CEO said earlier in 2026 that Venezuela was "uninvestable" in its current state, and ExxonMobil and ConocoPhillips both remain wary years after their assets there were expropriated.
“The United States did no cost, zero cost to American taxpayers, but we’re going to get massive amounts of discounted oil price and ownership interest.”