US and Venezuela finalize 100-year oil deal for 65 billion barrels

The United States and Venezuela have finalized a sweeping energy agreement granting American companies access to an estimated 65 billion barrels of crude oil reserves, a deal President Donald Trump announced on August 28, 2026, as a historic move to reshape global energy dynamics. The arrangement, negotiated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth with Venezuelan acting president Delcy Rodríguez, establishes a 100-year concession for a private joint venture in which the U.S. government secures a majority stake. Officials described it as a strategic effort to bolster Western Hemisphere energy security and reduce reliance on Middle Eastern supplies.