US enters into oil agreement with Venezuela, Trump says
The US President said the agreement would more than double American oil reserves.
Washington has been trying to secure a stable flow of Venezuelan crude for US refineries.
US President Donald Trump on Aug 28 said that the US had entered into an oil agreement with Venezuela.
“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 US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on Truth Social.
Trump said the agreement would more than double American oil reserves.
Since the US captured and removed former president Nicolas Maduro from power in January, Washington has been trying to secure a stable flow of Venezuelan crude for US refineries while promoting American investment into the OPEC country’s deteriorated energy industry, which currently produces some 1.25 million barrels per day of crude .
The Trump administration is under pressure ahead of midterm elections scheduled later in 2026 over rising petrol prices, which could be eased through cheaper oil supplies and expanded output.
The US also has been looking for solutions to replenish its Strategic Petroleum Reserve, the oil stockpile, including the possibility of crude swops with US producers. REUTERS