U.S. Secures Majority Control of 65 Million Barrels of Venezuelan Oil Reserves

What Happened

On Friday, August 28, 2026, President Donald Trump announced a significant energy agreement with Venezuela, which he described as "THE BIGGEST OIL DEAL IN WORLD HISTORY," via posts on Truth Social. This deal reportedly grants the United States "majority U.S. control" over more than 65 million barrels of Venezuelan oil reserves. Concurrently, President Trump also commented on the state of major news networks, asserting that CNN and "MSNOW" (likely MSNBC) are in a "TOTAL DEATH SPIRAL." He specifically highlighted CNN pollster Harry Enten, whom he praised for acknowledging Trump's historical popularity among Republicans, stating Enten found him "six times more popular than Abraham Lincoln, George Washington, or any other President." Trump suggested CNN could be revitalized with new leadership, unlike "MSNOW." The Venezuela agreement follows the capture of Nicolas Maduro in January 2026, which subsequently led to the interim Venezuelan government opening its oil sector to private investment.

What the Evidence Establishes

The evidence establishes that President Trump publicly announced a deal involving Venezuelan oil reserves. According to his statements, this agreement involves the United States gaining "majority U.S. control" of over 65 million barrels of oil. He further claimed the deal would "more than double American reserves" and "substantially lower Gas Prices for all Americans." Key figures credited by Trump for this deal include Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Interim Venezuelan President Delcy Rodriguez, alongside "a partnership with private business." The agreement also stipulates that Venezuela will allow the United States to refine and sell 50 million barrels of crude oil "indefinitely." This initiative is framed as a follow-up to Trump's earlier announcement in January 2026, shortly after Maduro's capture, where he stated American oil companies would invest "at least $100 billion of their money" into Venezuelan infrastructure. Separately, Trump's remarks on media outlets specifically cited CNN's Harry Enten as having "Credibility" for reporting on his popularity.

Where the Accounts Conflict

The provided source material does not present conflicting accounts regarding the factual occurrence of President Trump's announcements. However, the nature of the claims themselves warrants distinction. President Trump's characterization of the Venezuela agreement as "THE BIGGEST OIL DEAL IN WORLD HISTORY" and his assertion that it "more than doubles American reserves" are presented as his direct statements and have not been independently corroborated by other governments, international bodies, or major energy firms within the provided text. Similarly, his declaration that CNN and "MSNOW" are in a "TOTAL DEATH SPIRAL" and his specific numerical claim about his popularity relative to past presidents are subjective assessments and direct quotes from his Truth Social posts, rather than verified, objective market analyses or historical comparisons from independent sources. The source reports what Trump said, but does not offer external verification of the scale or impact of the oil deal, nor the precise metrics of media decline or presidential popularity.

Context and Stakes

Venezuela possesses the world's largest proven oil reserves, estimated at close to 303 billion barrels of crude oil, making any significant deal involving its resources globally impactful. The context for this agreement stems from the political upheaval in Venezuela, specifically the capture of former President Nicolas Maduro in January 2026. This event led to the establishment of an interim government under Delcy Rodriguez, which subsequently initiated a "generational reset" by opening the nation's oil sector to private investment. For the United States, securing access to Venezuelan oil could significantly alter its energy security landscape, potentially reducing reliance on other foreign sources and, as Trump claimed, "substantially lower Gas Prices for all Americans." The involvement of Secretary of State Marco Rubio and Secretary of War Pete Hegseth underscores the geopolitical and national security dimensions of the deal. Trump's concurrent comments on media outlets reflect his ongoing engagement with and criticism of news organizations, framing their perceived decline in relation to his political standing.

What to Watch Next

Observers should monitor several key developments following President Trump's announcement. First, the specific details and formal agreements of the "historic energy deal" with Venezuela will require further clarification from both the U.S. and Venezuelan interim governments. The involvement of "private business" suggests that specific energy companies will likely be named, and their participation and investment plans, particularly the "at least $100 billion" for infrastructure, will be crucial to track. Any immediate market reactions, especially concerning global oil prices and U.S. gasoline costs, will indicate the perceived credibility and scale of the deal. Furthermore, the long-term implications for Venezuela's political stability and economic recovery under the interim government will be important. Regarding media, it remains to be seen if CNN will issue any official response to President Trump's remarks about its leadership or pollster Harry Enten, or if "MSNOW" will address his "death spiral" claim.

Bottom Line

President Trump's administration has announced a substantial energy agreement with Venezuela, claiming "majority U.S. control" over 65 million barrels of oil and an indefinite arrangement for refining and selling 50 million barrels of crude. This deal, if fully realized as described, represents a significant shift in U.S. energy policy and could have considerable implications for global oil markets and domestic fuel prices, building on the political transition in Venezuela following Nicolas Maduro's capture. Concurrently, Trump continues to frame major news networks, specifically CNN and MSNBC, as being in decline, while selectively praising individuals like pollster Harry Enten for reporting data he views as favorable to his political standing. The actualization and economic impact of the Venezuelan oil deal, along with any formal responses from the involved parties, will be critical indicators in the coming months.