Trump says U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves : NPR
NPR Topics: Politics — 2026-08-28 21:07:00 — www.npr.org
Trump Touts “Biggest Oil Deal in World History” With Venezuela, But Experts Warn of Overblown Claims
President Donald Trump announced Friday that his administration has reached what he called “THE BIGGEST OIL DEAL IN WORLD HISTORY” with Venezuela, claiming it will give the United States access to vast amounts of the country’s untapped oil reserves at cost. Trump made the declaration in a social media post, stating the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s acting President Delcy Rodríguez.
Trump’s Sweeping Claims
Trump’s post described the deal as a historic breakthrough, emphasizing its scale and potential benefit to the U.S. “The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” he wrote.
He has also insisted that his administration has brought stability to Venezuela, arguing that the country “stole U.S. oil” when former President Hugo Chávez nationalized foreign-owned assets decades ago.
The Details and the Reality
According to Venezuelan officials, the agreement involves developing 17 oil fields with a proven potential of 65 billion barrels, potentially drawing $100 billion in investment and generating over $209 billion in taxes for Venezuela. The deal would allow the United States to partner with a private operator to create a new company controlling the reserves, with the U.S. holding a 55% effective output stake and rights to buy oil at cost. The company would become the world’s second-largest corporate holder of proven reserves after Saudi Aramco, according to a U.S. official.
However, experts cited in the report caution that a significant drop in U.S. gas prices should not be expected soon. They point out that boosting Venezuelan oil production will take years and require billions in infrastructure investment. Venezuela’s oil sector has suffered from decades of neglect, and even with mapped reserves, the country currently produces only about 1% of the world’s oil.
Industry Skepticism
Despite Trump’s push, major American oil companies remain wary. After the ouster of Nicolás Maduro, Trump called on oil executives to return to Venezuela, but they expressed caution. Darren Woods, CEO of ExxonMobil, described the country as “un-investable” at the time due to political instability and damaged infrastructure.
Conclusion
While President Trump has framed the Venezuela oil agreement as a historic achievement that will benefit both nations and lower U.S. gas prices, the facts presented in the report suggest a more complex reality. Experts warn that any tangible impact on oil prices is years away, and the challenges of restoring Venezuela’s oil industry are significant. Trump’s characterization of the deal as the “biggest oil deal in world history” appears exaggerated when weighed against the logistical and economic hurdles ahead.