Trump seeks stake in Venezuelan oil
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The gist
Trump announced Friday a US-Venezuela oil deal giving US majority control of 65bn barrels of proven reserves. The deal aims to replenish US reserves and lower gas prices before midterms.
Background
The US captured and removed former Venezuelan president Nicolás Maduro in January, and has since sought stable oil flows and American investment in Venezuela's deteriorated energy industry. Trump is under pressure over rising gasoline prices ahead of November's midterm elections, and the US strategic petroleum reserve is depleted. Talks were first reported by the Wall Street Journal and Axios, and the deal was announced by Trump on Truth Social on Friday.
How it unfolded
- Jan 2026US captures and removes former Venezuelan president Nicolás Maduro from power.
- Aug 27, 2026Axios reports the Trump administration is in talks with Venezuela's interim government about taking a stake in oil resources.
- Aug 28, 2026Trump announces on Truth Social that the US has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela.
Who’s saying what
- Official
- Trump and Rubio tout the deal as a 'huge win' for both American and Venezuelan people, with no cost to the American taxpayer.
- Opposition
- A Venezuelan opposition figure calls it 'a land grab – a massive land grab' and 'a rapacious, mafioso United States.'
- Analysts
- Some note the deal is legally precarious, with one Venezuelan oil industry participant saying 'Delcy has no standing' from a legal standpoint.
Still unverified
The exact terms of the deal, including the legal model (lease vs. equity stake) and the number of barrels (65bn vs. 90bn), are still unconfirmed. The deal's legality in Venezuela is disputed.