Trump says US has 'historic' deal to control | Quik

Image source, AFP via Getty ImagesBySareen HabeshianPublished29 August 2026, 00:54 BSTUpdated 17 minutes agoThe US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced.

"This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans," Trump posted on social media.

Venezuela's interim President, Delcy Rodriguez, hailed the agreement as one that would help her nation's economic revival.

Trump vowed to tap Venezuela's reserves, the world's largest, after the US captured its then-President Nicolás Maduro this year. More recently, Trump has been under pressure to tame domestic petrol prices, which spiked amid the Iran conflict.

Secretary of State Marco Rubio called the oil deal "a huge win for both the American and Venezuelan people". Details have not been released.

"For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy," Rubio said on social media.

In his post, Trump said Rubio and Defence Secretary Pete Hegseth had reached the agreement with Venezuela's leadership "through a partnership with private business".

He did not elaborate on the partnership or describe possible commitments and terms for the US in the deal, but he claimed the agreement was reached "at no cost to the American Taxpayer".

To play this video you need to enable JavaScript in your browser.This video can not be played

From boom to bust: A rare look inside one of Venezuela’s once prosperous oil towns

Venezuela's interim President Rodriguez said in a statement that the agreement would have "a significant impact on our nation' revival", by bringing in investment in the infrastructure needed to develop its hydrocarbon industry.

The deal calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels, as well as "an investment of more than $100 billion, and more than $209 billion in taxes for the State", Rodriguez said.

"These investments will contribute not only to the recovery and modernization of our industry, but also to our country's economic growth, the energy security of our hemisphere, and greater balance in international markets," she said.

Rodriguez gave the venture a 100-year concession to operate in the oil fields, according to the official.

Trump gave few details of the highly unusual agreement, which appears to grant the US direct governance over a foreign country's sovereign national resources.

The deal would appear to be wider in scope than the US-led Coalition Provisional Authority's control over Iraq's oil revenues after Saddam Hussein was ousted in an American-led invasion in 2003.

But it is unclear whether the Venezuela agreement could face legal and constitutional challenges in the South American nation.

Then-President Maduro and his wife, Cilia Flores, were seized in a US special forces operation authorised by Trump on 3 January.

In the hours after the raid, Trump said his administration would run Venezuela until a "safe, proper and judicious transition" could take place, adding that the US would indefinitely control the sale of the country's oil.

Venezuela has the largest proven oil reserves in the world - an estimated 303 billion barrels. However, production has plummeted since its peak in the late 1990s.

Trump has asked US oil firms to invest at least $100bn (£75bn) to restore the country's oil industry.

He has also claimed the rights to Venezuela's oil after alleging that the country had in the past "unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars".

PreviousNext1:07How will Norway's King Harald be remembered? 00:01:07, play videoHow will Norway's King Harald be remembered?1:01E-bike and e-scooter fires cause 18 deaths. 00:01:01, play videoE-bike and e-scooter fires cause 18 deaths1:07NHS warns of chaos in ADHD and autism care in England. 00:01:07, play videoNHS warns of chaos in ADHD and autism care in England0:52Ronnie O'Sullivan mural splits opinion. 00:00:52, play videoRonnie O'Sullivan mural splits opinion0:59Late Norwegian King remembered as a 'grandfather' to the nation. 00:00:59, play videoLate Norwegian King remembered as a 'grandfather' to the nation0:35Rain and thunder forecast for Bank Holiday weekend. 00:00:35, play videoRain and thunder forecast for Bank Holiday weekend1:25Serial rapist police officer passed vetting despite warnings. 00:01:25, play videoSerial rapist police officer passed vetting despite warnings0:55Lake Ontario to Lake America: Can Trump rename it? 00:00:55, play videoLake Ontario to Lake America: Can Trump rename it?0:48Kane discusses his Ballon d'Or chances. 00:00:48, play videoKane discusses his Ballon d'Or chances1:16GTA 6: What we still don't know after the preview. 00:01:16, play videoGTA 6: What we still don't know after the preview1:07What are the symptoms of Hypermobility Spectrum Disorder? 00:01:07, play videoWhat are the symptoms of Hypermobility Spectrum Disorder?0:58'£790 for jeans': How much is too much? 00:00:58, play video'£790 for jeans': How much is too much?0:45'Take care of yourself now' 00:00:45, play video'Take care of yourself now'0:29Where does salmonella get its name? 00:00:29, play videoWhere does salmonella get its name?0:44The spells Practical Magic 2 stars wish they could cast. 00:00:44, play videoThe spells Practical Magic 2 stars wish they could cast0:59What caused the Nepal-Tibet flash floods? 00:00:59, play videoWhat caused the Nepal-Tibet flash floods?1:03How you can tell this Nepal flooding video is made with AI. 00:01:03, play videoHow you can tell this Nepal flooding video is made with AI1:09The skills employers actually want you to have. 00:01:09, play videoThe skills employers actually want you to have0:43Xbox CEO: 'Players love physical media' 00:00:43, play videoXbox CEO: 'Players love physical media'Top storiesLive. Search for survivors of Nepal-Tibet flood enters fourth day with almost 2,000 still missing

97-year-old woman rescued after Nepali floods looked like 'a warrior'

Footage of Tibet floods isn't being shown in China - and we know little about victims there

Hypermobility - the little-known 'bendy disease' that causes pain and fatigue

Jacob Elordi on why The Dog Stars had him asking 'What am I missing' in life?

'Healey to defer defence spend target' and 'Fergie's coming home'

Girl dragged under van in 'worst nightmare' crash raises thousands for rescuers

I was spending £700 a month: How I beat my late-night shopping addiction

Weekly quiz: Who is taking over as Gilderoy Lockhart in HBO's Harry Potter series?

Former British-Israeli Hamas hostage married in Tel Aviv

I used to live in a quiet area - now a data centre overlooks my garden

Low-key noughties sitcom starring Robert Webb and Paula Wilcox

Keith Richards recalls how he wrote the iconic 'Satisfaction'

An unlikely gang set out to catch a killer who shattered rural peace

Man dies and at least six injured after sign falls at Christian festival

'Healey to defer defence spend target' and 'Fergie's coming home'

Landlady to 9/11 hijackers reveals their links to alleged Saudi spy

The race to stop England running out of water

Close race as Iceland votes on whether to restart talks on joining EU

How one of the 'most powerful hacks' to control stress actually works

Footage of Tibet floods isn't being shown in China - and we know little about victims there

Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil

Mountain of broken fridges growing across England and Wales

Somali piracy surges as the impact of the US-Iran war ripples outwards