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.