US, Venezuela Finalize 25-Year Oil Agreement

The United States and Venezuela have finalized 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 announced in late August 2026 following months of negotiations. The agreement, confirmed by acting Venezuelan President Delcy Rodríguez on August 30, follows an 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. government retains 55 percent control alongside an experienced private operator. Trump described the arrangement as the "biggest oil deal in world history," claiming it more than doubles American oil reserves and will substantially lower gas prices for U.S. consumers. He emphasized that the project would come at no cost to the American taxpayer.

Rodríguez, who assumed the interim presidency after the U.S. capture of former President Nicolás Maduro in January, framed the agreement as essential for Venezuela's economic revival. She stated the deal could generate more than $209...