Trump touts money taken from Venezuela
The gist
President Donald Trump said the U.S. is taking "billions of barrels of oil" from Venezuela and holds majority control of over 65 billion barrels of its proven reserves.
The administration is touting the oil deals to justify the military operation that ousted Venezuela's former leader.
How it unfolded
- 2026 -08Trump administration officials work on a deal to secure long-term access to a portion of Venezuela's crude reserves, according to Axios.
- 2026 -08Trump says the United States has secured majority control over more than 65 billion barrels of Venezuela's proven oil reserves.
- Oct 16, 2026Trump announces a sweeping U.S. grab for control of Venezuela's oil reserves.