U.S. and Venezuela Reach Oil Deal Giving U.S. 55% Stake in Reserves
The Trump administration announced an agreement with the Venezuelan government on Friday, August 28, 2026, to develop a large share of Venezuela's oil reserves. The deal creates a joint venture — a business partnership between two or more parties — in which the U.S. government would receive 55% of the oil, equal to roughly 65 billion barrels still in the ground. NPR
The U.S. government is entering the venture with a private Venezuelan company, according to a U.S. official who spoke to NPR on the condition of anonymity. President Donald Trump announced the agreement on Truth Social, calling it the "biggest oil deal in the world." NPR
Trump said the U.S. would take its share of Venezuela's oil "at cost," meaning the price of producing it plus a set profit margin, rather than paying the going market price. ABC News reported that Trump described the deal as historic and said it would lower gas prices. ABC News
The agreement was reached with the government of acting President Delcy Rodríguez, who took office after the U.S. seized and arrested former President Nicolás Maduro in January. In a televised address on Saturday, August 29, Rodríguez said the deal is good for the Venezuelan people. NPR
The announcement followed months of escalating actions targeting Venezuela's energy sector. In March 2025, Trump signed an executive order imposing a 25% tariff on all goods imported into the United States from any country that buys Venezuelan oil, directly or indirectly. The tariff was set to take effect on or after April 2, 2025. White House Fact Sheet
In January 2026, the White House published a presidential action titled "Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People." A fact sheet said the order affirms that the funds are the sovereign property of Venezuela, held in U.S. custody for governmental and diplomatic purposes and not subject to other claims. White House Fact Sheet
The State Department followed in February 2026 with a press release titled "Actions to Implement President Trump's Vision for Venezuelan Oil." On February 13, 2026, the Treasury Department's Office of Foreign Assets Control — the agency that administers U.S. economic sanctions — issued Venezuela General License 49, allowing oil and gas firms to negotiate and sign conditional contracts with Venezuela. State Department
Secretary of State Marco Rubio said in January that the U.S. will take between 30 and 50 million barrels of oil and sell it at market rates, not at a discount. State Department
The path to the August 28 announcement was closely tracked. Reuters reported on August 27, 2026, citing sources, that Trump administration officials were working to secure long-term access to a portion of Venezuela's crude reserves, meaning the agreement was not yet final the day before the announcement. Reuters
The broader context here is that the U.S. government is taking a direct ownership stake in another nation's oil reserves — a role more commonly filled by private energy companies. By setting the American share at production cost plus a margin, the deal separates the U.S. acquisition price from global oil prices. Rodríguez's televised address, meanwhile, suggests coordinated messaging from both capitals.
The August 28 deal follows a direct line from the January seizure of Maduro to the joint venture announcement. The progression ran through secondary tariff threats in March 2025, the Treasury Department's General License 49 in February 2026, and the sovereign property framework set by the January 2026 presidential action — ending with the U.S. government formally entering Venezuela's energy production sector as a majority stakeholder.
