US Secures Long-Term Control over Venezuelan Oil Assets

A new agreement between the US and Venezuela has been reached, granting Washington control over 17 Venezuelan oilfields containing more than 65 billion barrels of proven reserves for up to 100 years. The August Oil Agreement, announced by President Trump on August 28, 2026, allows the US to obtain a 55% share of effective output from these fields.

Venezuela retains sovereign ownership of its underground resources, but the agreement effectively gives the US control over their commercial development and future output. This is not an outright sale, but rather a long-term lease that could last for up to 100 years.

The agreement has significant implications for both sides. For the US, it enhances energy security and international geopolitical influence, providing access to additional supply and strategic reserves. For Venezuela, it provides much-needed capital, technology, and infrastructure to revive its oil production capacity.