economy
Trump says U.S. now has majority control of over 60 billion barrels of Venezuelan oil reserves
Updated on: August 29, 2026 / 12:15 AM EDT / CBS News
TL;DR
- The U.S. has secured majority control of over 60 billion barrels of Venezuelan oil reserves.
- The deal was struck through a partnership between the U.S. government and a private operator.
- The U.S. government will control 55% of the joint venture.
- This transaction is expected to double American oil reserves and lower gas prices.
- The deal aims to bring significant private investment and jobs to Venezuela.
- The U.S. Treasury Department has eased sanctions on Venezuela's oil industry.
- Previous administrations and companies have been wary of investing in Venezuela due to past nationalizations.