Trump says U.S. now has majority control of over 60 billion barrels of Venezuelan oil reserves

Updated on: August 29, 2026 / 9:10 PM EDT / CBS News

President Trump announced a deal Friday to grant the United States majority control of over 60 billion barrels of proven Venezuelan oil reserves — as the Trump administration angles to get oil companies to return to the country after a U.S. military operation replaced the country's leadership earlier this year.

Mr. Trump said in a social media post the deal was made "at no cost to the American Taxpayer" and was struck "through a partnership with private business."

A U.S. official told CBS News that interim Venezuelan President Delcy Rodriguez granted a private joint venture a 100-year concession to operate in oil fields that make up 65 billion barrels of petroleum. The venture is a "joint project of the U.S. government and an experienced private operator in Venezuela."

The U.S. government will control 55% of the joint venture, split between equity in the venture and the ability to obtain oil from it at cost, the official said.

The official described the venture as the world's second-largest corporate owner of proven oil reserves, after Saudi Aramco. It's not clear which private companies will be involved in the venture, but…

Original source: https://www.cbsnews.com/moneywatch/