WASHINGTON, 29 August 2026 (TON): US President Donald Trump said on Friday declared that the United States has signed an agreement with Venezuela to take control of 65 billion barrels of the South American nation's oil reserves. As per the reports the coercive negotiations were made by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and imposed over the Venezuela's interim president Delcy Rodriguez.
This announcement arrives nearly nine months after US forces, kidnapped and made Venezuelan President Nicolás Maduro prisoner despite immunity under the international law and airlifted to the US to face federal charges related to narcotics and drug trafficking, in which reportedly he was not involved.
If we recall Venezuelan President Hugo Chávez nationalised hundreds of foreign-owned assets, including those belonging to American oil firms under the new laws at that time. Now President Trump is planning American oil companies returning to Venezuela to take over all reserves or privatize to favourites.
According to the US Energy Information Administration estimates Venezuela possesses one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude still in the ground. US companies are planning to discover new wells in Venezuela to fulfill American energy requirements.