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Trump claims Venezuela oil reserves takeover

  • Mercados: Crude oil
  • 28/08/26

The US will take "majority control" of 65bn bl of Venezuela's oil reserves in partnership with unnamed private companies, President Donald Trump claimed on Friday.

Trump said that secretary of state Marco Rubio and defense secretary Pete Hegseth worked with Venezuela's interim president Delcy Rodriguez to secure the reserves deal, "at no cost to the American Taxpayer". The White House did not immediately provide any details of the purported US-Venezuela agreement.

The deal would more than double proven US oil reserves, Trump said. He added that it "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," in a post on his social media platform.

US proven oil reserves stood at 46bn bl as of 2024, according to the latest data made available by the Energy Information Administration.

The Venezuelan government estimates the country's proven oil reserves at 303bn bl, based on a decades-long assessment.

Some of the US' top oil companies are still sitting on the fence when it comes to returning to Venezuela, but investing there seems a more attractive proposition now than it did in January, given supply disruptions from the Iran war.


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