US and Venezuela Reach Oil Agreement... Trump: "Secured Control Over 65 Billion Barrels" (Comprehensive)

Trump: "Agreement Reached on Largest Oil Deal in History"
Venezuela: "Contributing to National Reconstruction... Investments and Tax Revenue Secured"
Second Largest Oil Company After Saudi Aramco to Be Established

U.S. President Donald Trump announced on August 28 (local time) that he had signed an oil deal worth 65 billion barrels with Venezuela. The Venezuelan government also confirmed President Trump’s announcement, describing the agreement as a historic step that could contribute to its economic reconstruction.

According to reports by the Associated Press and CNN, President Trump posted on his social media platform Truth Social that "the United States has just reached an agreement with Venezuela for the largest oil deal in world history."

He explained that “Secretary of State Marco Rubio and former Secretary of War Pete Hegseth have worked closely with Venezuela's respected Interim President Delcy Rodriguez. Through partnerships with private companies, the United States secured majority control over more than 65 billion barrels of Venezuela’s verified oil reserves without burdening American taxpayers.” This is understood to mean that the United States has successfully reached an agreement with the Venezuelan government and U.S. oil companies regarding the rights to extract Venezuelan crude oil.

Reuters Yonhap News

Following President Trump's post, the Venezuelan government stated in an official announcement that the agreement includes the development of 17 proven oil fields, with total reserves confirmed at 65 billion barrels. The government also explained that, under this deal, investments totaling 100 billion U.S. dollars (approximately 138 trillion KRW) will be made in Venezuela’s oil industry, and more than 209 billion dollars in tax revenue will be secured.

Interim President Rodriguez posted on Telegram that “our goal is to solidify our position as an energy producer and utilize our immense oil reserves for national development, job creation, income expansion for workers, and improved public welfare." She assessed the agreement as "having a significant impact on our country’s recovery."

The Associated Press, citing unnamed sources, reported that under the agreement the United States will cooperate with Venezuelan private sector operators to establish a new private company to manage these oil reserves. Sources explained that Interim President Rodriguez has taken measures to allow this company to hold development rights for the oil fields for 100 years.

With this contract, the United States will secure 55% of the actual output—meaning ownership stakes in the new private oil company and crude oil purchase rights. According to sources cited by AP, this company will become the second-largest among firms with proven oil reserves, following Saudi Arabia’s Aramco.

Reuters Yonhap News

Once Latin America’s representative anti-American country, Venezuela holds the world’s largest crude oil reserves. Since U.S. military forces, under President Trump’s direction, succeeded in ousting former President Nicolas Maduro in a military operation in January, Venezuela has cooperated with the Trump administration.

Attention is focused on whether, following the announced agreement, international crude oil prices—soaring due to the Iran war—and energy prices in the United States will come down. The Associated Press reported that President Trump is under pressure to address oil prices as the Iran war reaches its sixth month with no signs of resolution.

President Trump wrote on Truth Social, "This historic deal, which will more than double America’s oil reserves, will greatly increase supply, significantly lower gasoline prices for all Americans for a long time to come, and help usher Venezuela onto a path of tremendous success and prosperity."

This content was produced with the assistance of AI translation services.