Venezuela · Multiple sources
The U.S.-Venezuela oil deal won't lower your gas prices. Here's what you need to know
The Trump administration announced a deal Friday to develop a vast amount of Venezuela's oil reserves, with the U.S. taking a majority stake. Energy experts say there are many reasons to be skeptical.
- Time span
- 29 Aug 2026, 02:05 CEST → 31 Aug 2026, 11:00 CEST
- Sources
- 3 sources
- Reports
- 6
- Trust
- strong · multi-source
Timeline
Washington and Caracas announced Friday that they had reached a “historic” oil agreement, under which the United States will take majority control of more than 65 billion barrels of Venezuela's reserves.
President Donald Trump on Friday announced an unprecedented US push to take control of a fifth of Venezuela's vast oil reserves, betting that American companies can revive the OPEC nation's battered energy industry while delivering a new source of crude to help bring down US fuel prices.
Venezuela’s interim President has given a televised address to defend a deal of Venezuelan oil for the United States.
US President Donald Trump has called it “the biggest oil deal in world history”, while Venezuela’s interim president has assured the public that the country will retain control of its oil under the agreement. The “historic” 25-year deal with Washington involves 65 billion barrels of Venezuelan oil and aims to allow the...
Opposition in Venezuela as interim leader insists the deal with Washington will help with the country's recovery.
The Trump administration announced a deal Friday to develop a vast amount of Venezuela's oil reserves, with the U.S. taking a majority stake. Energy experts say there are many reasons to be skeptical.
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