US-Venezuela oil agreement 2026

Afghanistan, Bolivia, Burma, and Colombia were designated as having failed demonstrably in the recent report.

The US arrested Nicolas Maduro in January and is trying him in a New York City federal court on drug trafficking charges.

Under US law, the president must inform lawmakers annually about other countries' efforts at combating narcotics production and trafficking.

U.S. forces went into Venezuela for Operation Absolute Resolve on Jan. 3, capturing Maduro and his wife Flores.

War Secretary Pete Hegseth said the attack in Venezuela was part of a "massive joint military and law enforcement raid" and lasted less than 30 minutes.

Chevron scored an investment of more than $7 billion over five years and more than double its Venezuelan oil production to 600,000 barrels per day, according to their press release.

Bank of America raised its Brent crude forecast to $85 for 2025 and $75 for 2026.

Chevron's increased investment in Venezuela is approximately $7 billion across three different projects.

CNBC was one of a small number of news organizations permitted to travel to Caracas with the U.S. Secretary of Energy.

US energy secretary Chris Wright visited Caracas.

Nabep's boss is Alejandro Betancourt, a Venezuelan oil billionaire.

Nicolás Maduro was removed from power and replaced by his deputy Delcy Rodríguez as president of Venezuela.

The deal with NABEP is governed by US law and subject to the jurisdiction of US courts.

The oil bought by the US on favorable terms will help refill the Strategic Petroleum Reserve and provide supply for military and other sensitive uses.

The Pentagon's Office of Strategic Capital stated on August 28 that OSC does not take equity stakes in private companies and its role is strictly limited to providing capital assistance in the form of a loan, loan guarantee, or technical assistance.

The agreement reportedly gives the US control of 20% of Venezuela's oil reserves for decades.

Critics call the US multi-billion-dollar oil deal in Venezuela modern-day colonialism.

The agreement was reportedly made without the approval of Venezuela's legislature.

The new deal gives US companies access to more than a fifth of Venezuela's oil reserves.

Delcy Rodríguez is Venezuela's acting president.

The deal gives the United States 55% effective output of the new private company, including an ownership stake and rights to buy oil at cost.

Rodriguez stated that the project plans for the development of 17 strategic oilfields with an initial target output of 1.5 million barrels per day.

The US Strategic Petroleum Reserve held around 290 million barrels as of August 21.

Donald Trump stated on social media that oil from a recently struck deal with Venezuela will be used to replenish the US Strategic Petroleum Reserve.

Venezuela's interim President Delcy Rodriguez delivered a televised address to defend an agreement to transfer 65 billion barrels of Venezuelan oil to the United States.

Delcy Rodriguez stated that Venezuela retains sovereignty despite a deal involving oil with the United States.

Caracas has faced pressure to comply with Washington's demands since the United States abducted President Nicolas Maduro in January.

Donald Trump stated that Marco Rubio and Pete Hegseth negotiated the deal with Venezuela's leadership through a private business partnership.

Delcy Rodríguez stated that the agreement involves developing 17 strategic oil fields with an investment exceeding $100 billion and more than $209 billion in taxes for Venezuela.

Venezuela's interim President Delcy Rodríguez stated that the energy agreement with the United States would remain in effect for 25 years.

The broader plan includes the development of eight greenfield oil blocks as part of a wider expansion of Venezuela's energy sector.

Venezuelan officials are preparing to sign agreements granting new oil exploration and production rights to several companies including US firm Chevron.

Rodriguez said the deal will last 25 years and allow Venezuela to preserve ownership of and sovereignty over its resources.

The agreement allows the U.S. to purchase Venezuelan oil at cost.

President Donald Trump touted an agreement with Venezuela that he said would lower gas prices by giving the U.S. majority control over 65 billion barrels of oil from Venezuela's proven reserves.

Americans are paying an average of $4.08 per gallon for regular gasoline, up from $3.20 a year ago, according to AAA.

The official text of the agreement between Washington and Caracas has not been released.

Trump said the agreement would more than double American oil reserves.

Rodriguez said the agreement would have a significant impact on Venezuela's revival.

The US captured and removed former President Nicolas Maduro from power in January.

Venezuela's current hydrocarbons regulation does not include acreage leases for oil areas.

Caracas is considering leaving OPEC as it strengthens ties with the US.