US-Venezuela oil deal grants access to 65 billion barrels over 100 years

September 5, 2026 at 02:11 PM2 min

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The United States and Venezuela announced an oil deal granting US companies access to 65 billion barrels of crude reserves over 100 years. The agreement, signed September 2, 2026, marks a shift from Venezuela's resource nationalism toward privatization under interim President Delcy Rodriguez. The deal is the starting point for a US-backed three-phase plan for stabilization and political reform.

Key Facts

The deal grants US companies access to 65 billion barrels of crude oil reserves over 100 years.
President Trump described the agreement as the 'biggest oil deal in world history'.
The agreement was signed on September 2, 2026, at Miraflores Palace in Caracas.
The deal excludes companies from China, Russia, Iran, and North Korea from participating in Venezuela's oil sector.
US special forces abducted President Nicolas Maduro on January 3, 2026, leading to Delcy Rodriguez becoming interim president.

The Oil Deal

The United States and Venezuela announced an agreement granting US companies access to 65 billion barrels of crude oil reserves over the next 100 years. President Trump called it the 'biggest oil deal in world history'. The deal was signed on September 2, 2026, at Miraflores Palace in Caracas, with US Energy Secretary Chris Wright and Venezuelan acting President Delcy Rodriguez present. The agreement excludes companies from China, Russia, Iran, and North Korea from participating in Venezuela's oil sector.

Political Transition

The deal marks a turning point in Venezuela's resource nationalism policy, which had been in place for 27 years. Interim President Delcy Rodriguez has pursued privatization of the oil industry in favor of US government interests since Maduro's removal. The US has developed a three-phase plan to promote stabilization, recovery, and political reform in Venezuela. All parties must establish a roadmap to implement the deal and ensure presidential elections are held.

Uncertain Terms

The precise terms of the oil deal have been the subject of discussion in specialized media outlets across the Western Hemisphere. Conflicting and sometimes contradictory accounts by US and Venezuelan authorities have left the final conditions of the deal uncertain.