Trump’s Venezuela oil deal has seismic potential, but it’s an idea not a reality

August 30, 2026 — 2:00pm

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Washington: As far as announcements go, it was pretty low-key. Word came from US President Donald Trump’s Truth Social account just before 7pm on Friday, a time slot typically reserved for bad news you want to bury.

Instead, Trump unveiled an unprecedented deal for the US to take control of 65 billion barrels of Venezuelan oil, in what he billed as the largest such agreement in world history.

“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,” he said.

There have been no documents to accompany the announcement, and few details – though Venezuela’s interim president, Delcy Rodriguez, provided some information.

She said the deal called for the development of 17 strategic oil fields, with proven potential of 65 billion barrels. It would involve an investment of $US100 billion ($140 billion) and it would yield “more than $US209 billion” in tax revenue for Venezuela, she said.

Trump says US has agreed to deal with Venezuela to take control of 65 billion barrels of oil reserves

With Trump, we are used to brash overselling of achievements and deals. But in this case, the upside for both nations has the capacity to be significant – if it ever comes to fruition.

Venezuela is in a parlous state and it was so for many years under the........

© Brisbane Times