Strategic petroleum reserves stories

Aug 27, 2026

US reaches deal with Venezuela for control of 65 billion barrels of oil reserves

President Trump announced that the U.S. has secured a deal with Venezuela to take control of a significant portion of the country's proven oil reserves, which he described as historic and aimed at lowering gas prices. The agreement comes as U.S. strategic reserves have fallen to 40-year lows.

Aug 27, 202621 sources

Top claims

▪President Donald Trump announced on August 28, 2026, that the United States has reached an agreement with Venezuela to secure majority control over more than 65 billion barrels of Venezuela's proven oil reserves.
▪The average price of a gallon of gasoline in the United States stood at approximately $4.09 on August 28, 2026, up from $3.21 at the same time in 2025.
▪Interim President Delcy Rodríguez stated that the oil agreement will draw more than $100 billion in private investment into Venezuela's oil industry.

People involved

Donald Trump

Subtopics

Energy security & geopolitics1 Oil market1 Oil politics & energy geopolitics1 U.S. Foreign Policy1 Venezuela politics1

Related timelines