President Donald Trump has announced what he described as the largest oil deal in history with Venezuela, covering 65 billion barrels of crude, according to CNN Arabic.
The agreement, reported on Friday, August 28, 2026, would place significant Venezuelan oil reserves under Washington's control, as detailed by Al Arabiya. CNN Arabic reports the deal as a historic milestone in US-Venezuela energy relations.
According to Sky News Arabia, the agreement is structured to extend over a 100-year period. The interim president of Venezuela has welcomed the deal, stating it could generate $209 billion for the country, as reported by Reuters via Youm7.
Al Youm Al Sabi reports that Washington is managing the situation in Venezuela from a hotel in the capital, suggesting the deal was negotiated under specific operational conditions. The agreement marks a major shift in the relationship between the two countries, which have had strained diplomatic ties for years.
The deal's scope — 65 billion barrels — would make it one of the largest energy agreements ever signed between two nations. The 100-year duration indicates a long-term strategic partnership rather than a short-term arrangement.
The $209 billion revenue projection cited by Venezuela's interim president underscores the economic significance for the South American nation, which holds some of the world's largest proven oil reserves.
Observers will be watching how the deal affects global oil markets and whether other nations respond to this US-Venezuela alignment.
