Trump claims US secured 65 billion barrels of Venezuelan oil

President Donald Trump announced on August 28 that the United States had secured an agreement to control 65 billion barrels of Venezuelan oil reserves. This move comes as international oil prices and U.S. energy costs have surged due to the ongoing conflict in Iran. Some analysts suggest that the U.S. military action to arrest Venezuelan President Nicolas Maduro in January was ultimately motivated by securing these oil interests.

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The United States has just reached an agreement with the Venezuelan government on the largest oil deal in world history.

Trump stated via Truth Social that the U.S. had reached an agreement with the Venezuelan government for the largest oil deal in world history. He credited Secretary of State Mike Pompeo and Secretary of Defense Pete Hegseth for their close cooperation with Venezuela's respected interim President Delsy Rodriguez. Trump asserted that this "historic deal" would more than double U.S. oil reserves and significantly increase supply, leading to a substantial reduction in U.S. gasoline prices for the foreseeable future.

This announcement follows the U.S. military's apprehension and extradition of President Maduro approximately eight months prior, following Trump's directive. Venezuela possesses the world's largest estimated oil reserves, with current confirmed deposits totaling around 300 billion barrels, representing about 17% of global oil supply. However, the nation's oil production is limited to just 1% of the world's output due to its dilapidated and neglected infrastructure.

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This historic deal will more than double the oil reserves of the United States and significantly increase oil supply.

Axios reported the previous day that the Trump administration had discussed acquiring stakes in Venezuelan oil fields even before the January operation to remove Maduro. The publication characterized the deal as a historic achievement for President Trump, who has pursued a "Monroe Doctrine" approach emphasizing energy dominance and security in the Western Hemisphere. Trump has faced significant pressure from within and outside the U.S. to address high gasoline prices, especially as the conflict with Iran enters its sixth month.

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This will have the effect of significantly lowering gasoline prices for Americans for a long time to come.