US-Venezuela oil agreement 2026
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Trump's Venezuela oil deal and its implications
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.
Chevron is the only US oil major active in Venezuela.
NABEP's CEO Alejandro Betancourt has faced investigations into his past ventures.
Venezuela oil deal criticized as new form of US colonialism
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.
Venezuelan Vice President Delcy Rodriguez Defends Sovereignty in US Oil Deal
Caracas has faced pressure to comply with Washington's demands since the United States abducted President Nicolas Maduro in January.
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.
Trump deal gives US access to oil reserves in Venezuela
The new deal gives US companies access to more than a fifth of Venezuela's oil reserves.
Chevron, the only US oil company actively producing in Venezuela, declined to comment.
Harvard University professor Ricardo Hausmann called the deal shameful and said Rodríguez has no legitimacy or constitutional power to commit Venezuela to it.
Trump Announces Plan to Refill US Strategic Petroleum Reserve with Venezuelan Oil
The US Strategic Petroleum Reserve held around 290 million barrels as of August 21.
According to Delcy Rodriguez, the agreement with Washington to hand over 65 billion barrels of Venezuelan oil will last 25 years.
Trump described the Venezuelan oil as a gift from Venezuela to the American people.
“while leveraging capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions”
Trump's Venezuela oil deal hailed as generational win for gas prices
Secretary of State Marco Rubio said the deal would bring nearly $100 billion in private investment to Venezuela and lower gas prices in the United States.
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.
The agreement allows the U.S. to purchase Venezuelan oil at cost.
“through a partnership with private business”
U.S. deal to seize control of Venezuelan oil reserves
The broader plan includes the development of eight greenfield oil blocks as part of a wider expansion of Venezuela's energy sector.
Rodriguez said the deal will last 25 years and allow Venezuela to preserve ownership of and sovereignty over its resources.
Under the deal, $19 from every barrel of oil produced and sold to the US will flow to Caracas according to Rodriguez.
Donald Trump Announces Agreement Regarding Venezuelan Oil Reserves
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.
Delcy Rodríguez stated that the agreement targets raising crude oil production to 1.5 million barrels per day.
A US official stated that the US government will hold a 55% controlling stake in a joint venture operating in Venezuela.
“through a partnership with private business”
Trump announces new US-Venezuela oil agreement securing over 65 billion barrels of reserves
A U.S. official told CBS News that the U.S. government will retain 55% control of a joint venture with an experienced private operator in Venezuela.
Trump said the agreement would more than double American oil reserves.
Rodriguez said the agreement would have a significant impact on Venezuela's revival.
“through a partnership with private business”
US nears deal for stake in Venezuelan oil fields
Venezuela's current hydrocarbons regulation does not include acreage leases for oil areas.
A list of 17 fields in negotiation includes green fields in the Orinoco Belt and mature areas in Lake Maracaibo.
A lease was under consideration as the legal model for the deal, with a further auction or tender to allocate fields among US producers.