US Unveils Major Oil Deal Expanding Control Over Venezuelan Reserves
The United States has announced what the White House describes as the largest oil deal in world history, giving the U.S. government majority control over more than 65 billion barrels of proven oil reserves in Venezuela.
The announcement was published by the White House on September 2, 2026, as part of its latest releases.
Washington Says Deal Will Strengthen Energy Security
According to the White House, the agreement is designed to significantly expand America’s access to oil resources while strengthening its position in the global energy market.
The administration said the arrangement provides the United States with governance rights, economic ownership and guaranteed low-cost access to oil from a newly established private Venezuelan oil company. The White House also said the company would become one of the world’s largest private oil producers by reserves.
Agreement Involves Private Venezuelan Company
The White House stressed that the agreement is not a deal with Venezuela’s interim government. Instead, it was concluded with a private Venezuelan company.
The agreement was signed by U.S. Secretary of State Marco Rubio and Secretary of War Pete Hegseth, according to the official announcement.
Administration Links Deal to Lower Energy Costs
The Trump administration is presenting the agreement as part of its broader energy strategy. The White House says increasing access to Venezuelan oil could strengthen America’s supply position and potentially contribute to lower gasoline prices for consumers.
The administration also argues that the agreement expands U.S. proven oil reserves substantially, with the Venezuelan figure exceeding America’s currently stated territorial proven reserves.
Wider Economic Significance
The announcement comes as energy security remains an important issue for governments and markets worldwide. Greater U.S. involvement in Venezuela’s oil sector could have implications for energy supply chains, investment and the wider Western Hemisphere oil market.
The White House is portraying the agreement as an important element of its “America First” economic and energy agenda.
What Comes Next
The long-term impact of the agreement will depend on how the new arrangement is implemented, how Venezuelan production develops and how global oil markets respond.
For now, the White House is describing the agreement as a major expansion of U.S. energy resources and a significant step toward its goal of strengthening America’s energy position.
