Ana Rodríguez Brazón, Geoff Dyer and Joe DanielsAug 30, 2026 – 2.57pmCaracas/London/Bogota | The Trump administration’s deal to take control of 65 billion barrels of Venezuela’s oil has been heavily criticised by both members of the country’s opposition and some supporters of the government.President Donald Trump on Friday evening (Saturday AEST) announced an agreement granting a US-led company 100-year concessions over 17 oilfields, which account for more than a fifth of Venezuela’s reserves, the biggest in the world.Financial TimesSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
US oil deal denounced by both sides of Venezuelan politics
The two governments have made few details available about how the arrangement would work, and have yet to explain where the new investment would come from.
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