The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced.
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans,” Trump posted on social media.
Venezuela’s interim President, Delcy Rodriguez, hailed the agreement as one that would help her nation’s economic revival.
Now you know why President Trump was so quiet last weekend as Carney and crew were pushing their story.
Take the Canadian oil out of the equation and how does that trade conflict end? https://t.co/FVc63kKoOJ
— TheLastRefuge (@TheLastRefuge2) August 29, 2026
Venezuelan opposition up in arms over reports US wants big stake in oil and gas
Reports that the US is preparing to claim a big stake in Venezuela’s massive energy reserves have sparked an outcry, with critics describing the move as “predatory” and a “rapacious” land grab.
Several media outlets this week reported that the Trump administration – which abducted Venezuela’s authoritarian president, Nicolás Maduro, in January and has steered the South American country ever since – hopes to secure long-term access to its oil and gasfields.
Venezuela has the world’s largest proven crude oil reserves with an estimated 303bn barrels, compared with Saudi Arabia’s 268bn and Iran’s 208bn.
Hmmm.
