Venezuela just handed the United States the keys to roughly a fifth of its oil kingdom, and not everyone back home is celebrating.
Acting President Delcy Rodríguez confirmed a sweeping oil agreement with Washington on August 28, 2026, hours after President Donald Trump announced it from the American side. The deal gives US interests 55% effective control over oil output across 17 strategic fields containing an estimated 65 billion barrels of proven reserves, about 22% of Venezuela’s total. The development lease runs for 100 years.
What the deal actually looks like
The arrangement is structured as a public-private venture, with projected private investment exceeding $100 billion. In return, Venezuela stands to collect more than $209 billion in tax revenue over the life of the concession. Rodríguez called it a “historic milestone” and framed it as the catalyst for economic recovery, infrastructure rebuilding, and the revival of a petroleum industry that has spent years in freefall.
Venezuela holds the world’s largest proven oil reserves, sitting on roughly 300 billion barrels total, which means the fields covered by this agreement represent about 22% of the national endowment.
