Story perspectives

Trump Announces U.S. Control of 65 Billion Barrels Oil

8/31/2026

Left

Trump Secures Venezuelan Oil

U.S. President Donald Trump announced the United States and Venezuela agreed to give the United States control of over 65 billion barrels of Venezuelan oil reserves.
Critics describe the deal as a predatory land grab that threatens ordinary Venezuelans and breaches constitutional protections.
The joint venture gives the United States a 55 percent effective output share.
Interim President Delcy Rodríguez said the arrangement yields $19 per barrel.

Right

Trump Secures Oil

U.S. President Donald Trump announced on Friday that United States and Venezuela agreed to give United States control of 65 billion barrels of Venezuelan oil.
The deal was portrayed as an America-first victory that will double U.S. oil reserves and drive down gasoline prices for American consumers.
Marco Rubio and Pete Hegseth negotiated the deal with interim President Delcy Rodríguez.
Rodríguez said the 25-year project could yield revenue for Venezuela.

Center

Trump Secures Oil

U.S. President Donald Trump announced on Friday that the United States and Venezuela agreed to give United States control of 65 billion barrels of Venezuelan oil.
The deal creates a 100-year venture in which the United States will purchase the oil at cost for Strategic Petroleum Reserve and military use.
Marco Rubio, Pete Hegseth and interim President Delcy Rodríguez negotiated agreement.
Venezuela expects tax revenue and private investment.

Blindspot

Venezuelan opposition figures and scholars said the agreement is unconstitutional and a predatory land grab that could harm ordinary Venezuelans.
Within this story's sources, this criticism appears mainly in left-leaning coverage and receives less attention in center- and right-leaning coverage.

History

Historical Context

The 1973 OAPEC oil embargo, launched after the U.S. resupplied Israel during the Yom Kippur War, caused a 300% price surge and spurred U.S. energy-security actions. Echoing that drive, President Donald Trump in 2024 negotiated with Venezuelan interim president Delcy Rodríguez to obtain Venezuelan oil, reviving the historic quest for foreign oil leverage.

1 of 5

Trump Secures Venezuelan Oil

U.S. President Donald Trump announced the United States and Venezuela agreed to give the United States control of over 65 billion barrels of Venezuelan oil reserves.
Critics describe the deal as a predatory land grab that threatens ordinary Venezuelans and breaches constitutional protections.
The joint venture gives the United States a 55 percent effective output share.
Interim President Delcy Rodríguez said the arrangement yields $19 per barrel.

1 / 5