US and Venezuela Sign 25-Year Oil Agreement

The United States and Venezuela have announced a sweeping 25-year oil agreement that grants Washington majority control over a significant portion of the South American nation's vast reserves, a deal finalized just months after a U.S. military operation captured Venezuelan President Nicolás Maduro. Acting President Delcy Rodríguez confirmed the agreement on August 30, following its initial announcement by U.S. President Donald Trump on August 29. The deal centers on the development of 17 strategic oil fields with a proven potential of 65 billion barrels of oil. Under its terms, a joint venture will be established in which the U.S.