Venezuela, US sign 25-year energy deal granting major oil access

Venezuela and the United States have announced a sweeping 25-year energy agreement that grants American interests significant access to the South American nation's vast oil reserves, a deal hailed by President Donald Trump as historic but met with domestic skepticism and questions over its legal and economic terms. The announcement, made in separate statements on Friday, August 28, and Saturday, August 29, 2026, outlines a partnership aimed at revitalizing Venezuela's crippled oil industry while securing new supplies for the United States.

Venezuelan interim President Delcy Rodríguez described the accord as a "historic" step that would leverage private investment to develop 17 strategic oil fields with a proven potential of 65 billion barrels. She stated the agreement would last for 25 years and set an initial production target of 1.5 million barrels per day, a significant increase from the current output of approximately 1.2 million barrels per day. Rodríguez emphasized that Venezuela retains "ownership and sovereignty" over its natural resources, with the deal structured to generate an estimated $209 billion in tax revenue for the state, based on a benchmark oil price of $65...