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Mains issueGS-2News & Analysis29 August 2026

U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves, says Trump

Source: thehindu.comOriginal report

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Why now

01

Former U.S. President Donald Trump announced an agreement between the United States and Venezuela for the U.S. to take control of 65 billion barrels of Venezuela's oil reserves. He stated the deal was negotiated by U.S. Secretary of State Marco Rubio, Defence Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez, calling it 'THE BIGGEST OIL DEAL IN WORLD HISTORY!'.

Core issue

02

Former U.S. President Donald Trump announced an agreement between the United States and Venezuela for the U.S. to take control of 65 billion barrels of Venezuela's oil reserves. He stated the deal was negotiated by U.S. Secretary of State Marco Rubio, Defence Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez, calling it 'THE BIGGEST OIL DEAL IN WORLD HISTORY!'.

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