Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil - BBC News

Venezuelan interim president says the unusual agreement will help revive her country's economy.

Image source, AFP via Getty ImagesBySareen HabeshianPublished29 August 2026Updated 30 August 2026The US has struck a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, Donald Trump said.

The US president wrote that the agreement would more than double American oil reserves and "substantially lower Gas Prices for all Americans".

In a late-night address on Saturday, Venezuela's interim President Delcy Rodríguez hailed the deal as one that would help her nation's economic revival.

But some analysts have reacted with scepticism, including questioning whether it would address long-running obstacles that have deterred investment in its oil industry.

Trump has recently been under domestic pressure to tame petrol prices, which have spiked due to the Iran war.