Trump Says U.S. Struck Deal for Control of More Than 65 Billion Barrels of Venezuela’s Oil
NYT > U.S. > Politics — 2026-08-29 11:53:00 — www.nytimes.com
Trump Claims U.S. Has Secured Majority Control of Venezuela’s Oil Reserves in Unprecedented Deal
President Trump announced late Friday that the United States had struck a deal to take majority control of a massive portion of Venezuela’s oil reserves, describing the move as a bold effort to assert U.S. dominance over energy in the Western Hemisphere. Trump stated in a social media post that the agreement would give the United States control of more than 65 billion barrels of proven oil reserves—an amount he said is nearly equal to the total proven reserves in the United States, the world’s largest oil producer.
Trump’s Boast and the Unusual Nature of the Deal
According to Trump, the agreement marks a sweeping shift in U.S. foreign energy policy, involving a partnership with a private company connected to Venezuelan businessman Alejandro Betancourt López. The State Department, speaking through a U.S. official, confirmed the partnership but provided few details. The deal is highly unusual, representing a rare foray by the U.S. into another country’s oil fields through private-sector collaboration rather than direct government control.
Sparse Details and Unanswered Questions
While Trump touted the scale of the deal, the specifics remain unclear. The text of the agreement was not immediately available, and neither Betancourt nor the State Department responded to requests for comment about the businessman’s role. Venezuelan President Delcy Rodríguez called the agreement “historic,” claiming it would develop 17 oil fields, attract over $100 billion in investment, and generate an estimated $209 billion for Venezuela’s struggling government. However, these figures and projections have not been independently verified.
Context: U.S. Policy Shift and Venezuelan Upheaval
The Trump administration’s approach to Venezuela has been marked by dramatic intervention. Earlier this year, the administration deposed and captured Nicolás Maduro, transforming Venezuela from an adversary into what now resembles a client state. Trump and his advisers have openly stated that oil is central to their campaign to expand U.S. influence in the Americas, a stance that departs from previous U.S. leaders who avoided linking military or foreign policy objectives directly to resource acquisition.
Fact-Checking Trump’s Claims
Trump’s assertion that the U.S. would control over 65 billion barrels of Venezuelan oil reserves is striking, given that Venezuela is believed to have the world’s largest oil reserves. However, the lack of transparency around the agreement and the absence of the actual contract text make it difficult to assess the accuracy of his claim. Historically, U.S. oil exploration in Venezuela has been conducted by the state-owned Petróleos de Venezuela or through joint ventures, not by direct U.S. government control.
Conclusion
President Trump’s announcement signals a major shift in U.S. foreign energy policy and raises significant questions about the legality, transparency, and long-term consequences of such a move. While Trump has framed the deal as a triumph for U.S. energy dominance, the absence of clear details and independent verification leaves his claims open to scrutiny. As more information emerges, the true scope and impact of this unprecedented agreement will become clearer, but for now, Trump’s statements remain largely unsubstantiated by publicly available evidence.
Source: https://www.nytimes.com/2026/08/28/business/trump-venezuela-oil-deal.html