US control Venezuelan oil — The United States has secured control over more than 65 billion barrels of Venezuelan oil reserves, according to an announcement by President Donald Trump on Friday, August 28, 2026. The deal, which Trump said was achieved without cost to American taxpayers, represents roughly 21% of Venezuela’s total oil reserves and is expected to more than double US oil holdings.

Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth for negotiating the agreement, working closely with Venezuela’s interim president Delcy Rodriguez and private sector partners. The specifics of the arrangement, including the terms of US control and the role of private companies, have not yet been made public.

US Influence in Venezuela Deepens After Maduro’s Removal

Venezuela has been under strong American influence since January 2026, when a US military operation removed former president Nicolás Maduro from power. Maduro was captured and taken to New York, where he is currently detained awaiting trial. Delcy Rodriguez, previously Maduro’s vice president, was installed as interim president and has since taken steps aligning Venezuela more closely with Washington, including releasing political dissidents and increasing oil exports to the US.

Venezuela holds the world’s largest proven oil reserves, estimated at 303 billion barrels, and currently produces about 1.25 million barrels of crude oil per day. The new agreement is expected to provide the US with a stable supply of Venezuelan crude, potentially easing gasoline prices ahead of the American midterm elections in November and helping to replenish the US Strategic Petroleum Reserve.

Secretary of State Rubio has emerged as a key figure shaping policy in Caracas, advocating for closer ties with Venezuela due to its strategic importance in the global oil market. The urgency of the deal has been heightened by rising tensions with Iran, which have driven up international oil prices. Meanwhile, both Venezuelan opposition groups and human rights organizations are calling for faster progress on political reforms and a transition to elections, a demand echoed by members of the US Congress from both major parties.