On August 28th local time, U.S. President Trump posted on social media stating that the United States and Venezuela had reached an oil-related agreement, "This is the largest oil deal in world history."
He stated that, under his instructions, U.S. Secretary of State Rubio and Defense Minister Hagel worked closely with Venezuelan Vice President Rodriguez. By collaborating with private enterprises, the U.S. gained ‘most control’ over Venezuela’s proven oil reserves of over 650 billion barrels, without any cost being incurred on U.S. taxpayers.
The Associated Press notes that the conflict between the United States and Iran shows no signs of ending. Trump is under increasing pressure and must address the issue of high oil prices. The United States has utilized its strategic petroleum reserve, which dropped below 300 million barrels in early August, an reduction of more than 100 million barrels since early 2026.
