Trump says U.S. now has control over 65 billion barrels of Venezuelan oil reserves

Updated on: August 28, 2026 / 7:27 PM EDT / CBS News Add CBS News on Google President Trump announced a deal Friday to grant the United States majority control of over 65 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.The administration has not yet released details on the arrangement, including which oil fields are covered and who will handle drilling. Mr. Trump said the deal was made "at no cost to the American Taxpayer" and was struck "through a partnership with private business.""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," the president wrote on Truth Social.Secretary of State Marco Rubio said on social media the deal will "bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy."Venezuela has more than 300 billion barrels of proven oil rThis is a breaking story; it will be updated. Ibrahim Aksoy contributed to this report. In: Venezuela Oil and Gas