Donald Trump announced that the United States will take control of roughly one‑fifth of Venezuela’s oil reserves, equivalent to about 60 billion barrels, a move intended to revive the OPEC nation’s energy sector and lower American fuel prices.
The agreement, signed on 29 August 2026, calls for development of 17 strategic fields totalling 65 billion barrels, with a joint venture in which the US retains 55 % control and a private Venezuelan operator manages the remainder, under a 100‑year concession.
Officials say the arrangement will inject more than $100 billion in investment and generate over $209 billion in state taxes, aiming to restore production, improve energy security in the hemisphere and stabilize global oil markets and reduce reliance on imported crude while supporting domestic employment.