Trump said the United States has concluded what he described as the biggest oil deal in world history, securing access to Venezuelan reserves exceeding 65 billion barrels for the Strategic Petroleum Reserve. He said the accord would significantly increase American oil reserves and more than double them over time.
Deal details emerge
Trump said the US Secretaries of State and War had negotiated guarantees for access to Venezuela’s vast oil reserves. He stated the agreement would, in the long term, significantly reduce fuel prices for all Americans.
Oil prices held steady this week. Brent crude closed at $88.24 a barrel on 25 August, while West Texas Intermediate settled at $83.90.
Scale and claims
Trump claimed the arrangement represents an unprecedented accord between the two nations on energy development. He said his administration would use Venezuelan crude to replenish America’s strategic stockpiles.
The claimed scale is enormous. If realised, the arrangement would reshape US energy supply dynamics substantially.
Frequently asked questions
How much Venezuelan oil did Trump claim the US would access?
More than 65 billion barrels of Venezuelan oil reserves.
What did Trump say the deal would do to American oil reserves?
Significantly increase them and more than double them.
What were Brent and WTI crude prices on 25 August 2026?
Brent crude closed at $88.24 a barrel and WTI at $83.90 a barrel.
Source: Trump | Data: FRED — St. Louis Fed
