Key Points
- The US and Venezuela reached an agreement regarding 65‑billion‑barrel oil control.
- The agreement aims to double the US's oil reserves by utilizing Venezuela's proven 300‑billion‑barrel reserves.
- Secretary of State Rubio and Secretary of Defense Hegseth are implementing the agreement with Venezuelan interim president Rodríguez.
- Trump called the agreement the largest oil deal in history and stated that it should impose no cost on taxpayers.
By the Numbers
The former US president Donald Trump announced via Truth Social that the US had reached an agreement with Venezuela on 65‑billion‑barrel oil control. Trump characterized the agreement as the largest oil deal in history and stated that Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, and Venezuelan interim president Delcy Rodríguez were implementing the agreement.
The agreement aims to double the US's current oil reserves by drawing on Venezuela's proven 300‑billion‑barrel reserves. These reserves comprise 12 producing oil fields and constitute a large portion of Venezuela's total reserves. Trump said the agreement would be implemented without any cost to American taxpayers.
The story was published by ERT News on 28 August 2026 and is regarded as a step that will enhance the US's energy security and hegemony in the Western Hemisphere.
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Frequently Asked Questions
- What is the scope of this agreement and which parties signed it?
- Between the US and Venezuela, with the participation of Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, and Venezuelan interim president Delcy Rodríguez, an agreement was made regarding 65‑billion‑barrel oil control.
- How will the agreement affect the US's oil reserves?
- The agreement plans to draw on Venezuela's proven 300‑billion‑barrel reserves to more than double the US's current oil reserves.
- Will the agreement impose any costs on American taxpayers?
- According to Trump's statement, the agreement will be implemented without imposing any costs on American taxpayers.
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