US President Donald Trump stated Friday that a new oil arrangement with Venezuela grants the United States majority oversight of 65 billion barrels of proven reserves. The announcement named interim Venezuelan president Delcy Rodríguez as the counterpart in the deal.
According to The Guardian Business, the pact was arranged through a private-business partnership led by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth. No further specifics on the agreement's conditions were provided at the time of the announcement.
The scale of the reserves involved marks a significant development in US energy policy toward Venezuela, though the operational and financial details remain unclear pending additional disclosures.
This report is based on coverage by The Guardian Business: https://www.theguardian.com/us-news/2026/aug/28/trump-venezuela-oil-agreement