Now, both President Donald Trump and Secretary of State Marco Rubio have weighed in, saying they pulled it off and the deal is official. Trump said in a Truth Social post that they'd secured "majority control" over 65 billion barrels; it "more than doubles" our reserves and will "substantially lower gas prices."
🚨 BREAKING NEWS
pic.twitter.com/vkRV9oOetV— Department of State (@StateDept) August 28, 2026
BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! 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 U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. 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. This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! Thank you for your attention to this groundbreaking matter. MAKE AMERICA GREAT AGAIN!
Rubio declared it a "huge win for both the American and Venezuelan people."
This deal is a huge win for both the American and Venezuelan people.
It demonstrates how President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home.
For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy.https://t.co/SMSRYGWmVb— Secretary Marco Rubio (@SecRubio) August 28, 2026
It demonstrates how President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home. For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy.
It's a deal that both benefits them and us.
Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground. That’s about 17% of the world’s supply, according to the U.S. Energy Information Administration. Unlike other parts of the world, where geologists have to search for untapped oil, the reserves under Venezuela’s soil are largely mapped and known, experts say. But because of dilapidated infrastructure, the country only produces about 1% of the world’s oil.
Now that it will be developed, both of us will be getting the benefit.
This helps further secure our energy independence and reduce any reliance on overseas foreign oil. It's hard to encapsulate how big this is. It's also a huge message to Russia, China, and Iran.
As this is a developing story, RedState will provide updates as more information becomes available.
