Trump Claims U.S. Struck Biggest Oil Deal in History With Venezuela

Trump says the U.S. secured majority control of more than 65 billion barrels of Venezuelan oil reserves, crediting Marco Rubio and Pete Hegseth.

First Published: August 28, 2026, 6:56 PM ET

WASHINGTON D.C. — Donald Trump said the United States entered an agreement with Venezuela that he called the biggest oil deal in world history. Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth with securing what he described as majority U.S. control of more than 65 billion barrels of proven oil reserves.

Here is the full post on truthsocial: “BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity. This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! Thank you for your attention to this groundbreaking matter. MAKE AMERICA GREAT AGAIN! Trump” on August 28, 2026 at 6:47 PM ET.

This is Trump’s 28th message released today, and the last post was 1 hour ago, and it is not part of a thread. On average, Trump produces 18 posts per day since his inauguration on January 20, 2025. The move fits a broader pattern in Trump’s recent messaging, with 64 of his 625 posts over the last 30 days classified as Foreign Policy posts.

Trump said the transaction came at no cost to American taxpayers and would more than double American oil reserves. He said the arrangement would increase the oil supply and lower gas prices over the long term, while strengthening ties between Venezuela and the United States. These remain Trump’s claims, framed in a post, rather than an independently verified agreement. Trump named Delcy Rodriguez as the interim president of Venezuela and said the deal was reached through a partnership with private business, without naming any company.

President Donald J. Trump posed at Washington D.C.

Trump named two Cabinet officials as central to the effort.Marco Rubio, a former U.S. senator representing Florida, was elected to the Senate in 2010 according to sipa.fiu.edu. Rubio, born in Miami in 1971 to Cuban-born parents, earned a bachelor’s degree from the University of Florida and a law degree from the University of Miami according to sipa.fiu.edu.

Pete Hegseth, the second official Trump credited, leads the Pentagon as secretary of war. Hegseth, a former Fox News host, drew scrutiny earlier in his tenure as the White House searched for a new chief of staff and senior advisers after a series of missteps according to nbcnews. At least three people turned down potential roles under Hegseth, according to nbcnews.