Trump announces new US oil agreement with Venezuela | Donald Trump
US politics | The Guardian — 2026-08-28 18:34:00 — www.theguardian.com
Trump Claims “Majority” U.S. Control Over Venezuelan Oil—Key Details Missing, Fact-Checks Raise Questions
Donald Trump announced Friday a new U.S. oil agreement with Venezuela’s interim president Delcy Rodríguez, asserting that the United States will have “majority” control of 65 billion barrels of proven oil reserves. Trump made the announcement on his social-media platform, stating the deal was brokered “through a partnership with private business” by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.
Trump’s Claims: “Majority Control” and “No Cost”
According to Trump, the administration has “secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.” He further claimed the agreement would more than double American oil reserves.
Despite these sweeping statements, Trump’s announcement provided few specifics on the structure of the agreement, which oil fields or companies are involved, or how the U.S. would exercise majority control over the reserves. Venezuela is estimated to have 303 billion barrels of proven oil reserves, the largest in the world.
Fact-Check: Exaggerations and Omissions
Trump’s assertion that the U.S. now controls 65 billion barrels of Venezuelan oil, “at no cost to the American taxpayer,” lacks supporting details. No information was provided about the terms of the deal, the mechanism of control, or how such a transfer of reserves would occur without financial or political cost. The claim that this would “more than double” U.S. oil reserves is also questionable, given that the U.S. currently has about 35 billion barrels in proven reserves—Trump’s figure would indeed be a dramatic increase, but the feasibility and legality of such control remain unaddressed.
Political Context and Reactions
Trump is facing pressure ahead of November’s midterm elections due to rising gasoline prices. The administration has been seeking ways to secure cheaper oil supplies and replenish the U.S. strategic petroleum reserve. Reports from the Wall Street Journal and Axios indicated that the administration was in advanced talks for the U.S. to take a direct stake in over a dozen Venezuelan oilfields, potentially involving up to 90 billion barrels of reserves.
The announcement has sparked anger among members of Venezuela’s opposition, who criticized Trump’s approach as a “land grab” and accused the U.S. of acting in a “rapacious, mafioso” manner, in stark contrast to historic American foreign policy initiatives like the Marshall Plan.
Conclusion: Big Promises, Big Questions
Trump’s bold claims about securing majority U.S. control over Venezuelan oil reserves—at no cost and with little detail—raise significant questions about the accuracy and transparency of the announcement. With no clear explanation of how such control would be implemented or what the agreement entails, Trump’s statements appear to exaggerate the immediate impact and benefits of the deal. As the situation develops, both the American and Venezuelan public await concrete details to assess whether this is a diplomatic breakthrough or another example of political grandstanding.
Source: https://www.theguardian.com/us-news/2026/aug/28/trump-venezuela-oil-agreement