Headline: US Reaches Deal to Control 65 Billion Barrels of Venezuelan Oil

Date: 29 August 2026

Tags: United States, Venezuela, Energy, Economy

Summary:

• President Donald Trump announced a US-Venezuela agreement covering more than 65 billion barrels of proven Venezuelan oil reserves.

• Trump said the agreement would more than double US oil reserves, increase supplies and help reduce American petrol prices.

• Venezuela says the agreement covers development of 17 strategic oil fields with proven potential of 65 billion barrels.

• Interim President Delcy Rodriguez said the agreement would support Venezuela’s economic recovery and modernisation of its oil industry.

• US officials say the American government will retain 55% control of a joint venture involving a private operator.

• Venezuela has reportedly granted the venture a 100-year concession to operate the covered oil fields.

• Officials say the agreement could attract more than $100 billion in private investment and generate thousands of jobs.

• Few details have been released, including the full terms, commitments and legal structure of the agreement.

• Venezuela holds approximately 303 billion barrels of proven oil reserves, the largest national reserves worldwide.

• The agreement follows the US capture of former Venezuelan President Nicolás Maduro in January and subsequent American involvement in Venezuela.

Why this matters: The agreement could significantly expand US-controlled energy resources while reshaping Venezuela’s oil industry and the global energy market.

What’s next: The agreement’s full text has not been released, leaving questions over implementation and potential Venezuelan legal and constitutional challenges.