United States and Venezuela finalize historic oil agreement

On August 29, 2026, U.S. President Donald Trump and Venezuelan interim President Delcy Rodriguez announced a historic oil agreement, which Washington and Caracas describe as the largest in global history. The deal grants the United States majority control over 17 strategic oil fields containing an estimated 65 billion barrels of crude. According to U.S. officials and reporting, the agreement includes 100-year concessions, with the U.S. expected to control 55% of the new joint venture's production, providing potential access to oil at cost prices.

While President Trump characterized the deal as a major boost to U.S. energy independence that will lower fuel prices, the Venezuelan government has offered a different narrative. Delcy Rodriguez publicly asserted that Venezuela retains ownership and sovereignty over its natural resources, despite the transfer of operational control. The deal follows the capture of former leader Nicolas Maduro during a military operation in Caracas earlier this year. The agreement aims to revitalize Venezuela's struggling oil sector through over $100 billion in investments, potentially reshaping global energy markets and reducing U.S. dependence on Middle Eastern supply chains amidst ongoing geopolitical tensions.