Trump says U.S. has entered deal with Venezuela to control 65 billion barrels of its oil reserves
PBS News Hour – Politics — 2026-08-28 18:35:00 — www.pbs.org
Trump Claims “Biggest Oil Deal in World History” With Venezuela—Facts Tell a Different Story
President Donald Trump announced on Friday that the United States has entered into an agreement with Venezuela to take control of 65 billion barrels of the country’s oil reserves, calling it “THE BIGGEST OIL DEAL IN WORLD HISTORY!” in a social media post. Trump stated the deal was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez.
Trump’s Bold Claim
Trump’s announcement comes nearly nine months after he directed the U.S. military to capture Venezuela’s president Nicolás Maduro and bring him to the United States to face federal narcoterrorism and drug trafficking charges. In the aftermath of Maduro’s ouster, Trump floated the idea of U.S. oil companies returning to Venezuela, arguing that the country had previously “stolen” U.S. oil when former President Hugo Chavez nationalized foreign-owned assets, including those of American oil companies.
Fact-Checking the Numbers
While Venezuela does possess one of the world’s largest oil reserves—an estimated 303 billion barrels, or about 17% of the global supply according to the U.S. Energy Information Administration—Trump’s claim that the U.S. will “take control of 65 billion barrels” is not supported by the facts presented in the excerpt. There is no independent confirmation of such an agreement, and the figure Trump cited represents only a fraction of Venezuela’s total reserves.
Moreover, experts note that Venezuela’s oil reserves are well-mapped but largely untapped due to dilapidated infrastructure. The country currently produces only about 1% of the world’s oil, far below its potential output.
Context and Exaggeration
Trump’s announcement appears to be aimed at addressing mounting pressure over high gas prices as the war in Iran continues with no end in sight. The U.S. has already tapped into its strategic petroleum reserves, which have dropped by more than 100 million barrels since the start of 2026.
Despite Trump’s assertion of a historic oil deal, the reality is that Venezuela’s production capacity remains severely limited, and the logistics of transferring control of such a vast quantity of oil are not addressed in his statement. The claim of “the biggest oil deal in world history” is therefore a significant exaggeration based on the available facts.
Conclusion
President Trump’s statements about a massive U.S.-Venezuela oil agreement are not substantiated by the facts provided in the excerpt. While Venezuela’s oil reserves are indeed vast, the claim that the U.S. has secured control over 65 billion barrels—and that this constitutes the largest oil deal in history—does not align with expert assessments or current production realities. As with many of Trump’s past statements, the announcement is marked by exaggeration and lacks supporting evidence. Readers should approach such claims with caution and seek out independent verification.