Trump says it's the biggest oil deal in world history.
On August 28, 2026, President Donald Trump announced a major oil agreement between the United States and Venezuela, calling it “the biggest oil deal in world history.”
The agreement gives the U.S. a majority role in developing more than 65 billion barrels of Venezuela’s proven oil reserves, while the deal is expected to attract billions of dollars in investment to rebuild Venezuela’s oil industry.
Trump said the agreement could also help increase U.S. energy supplies and lower fuel prices
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