US Secures Stake in Venezuela Oil Reserves with Massive Deal

President Donald Trump announced a deal on August 28, 2026, that would give the United States access to Venezuela's vast oil reserves. The agreement involves a new company formed by the U.S. government and an unnamed private operator in Venezuela, which will have rights to untapped oil fields for 100 years.

The deal is expected to draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas. The United States will get 55% effective output of the new company, including an ownership stake and rights to buy oil at cost.

According to a U.S. official, American purchases of the oil will go toward the U.S. strategic oil reserves along with the military. The company would be the second-largest corporate holder of proven reserves after Saudi Aramco.

Venezuelans have reacted with mixed emotions to the deal, with some considering it a betrayal of their government's stated policies. Harvard University professor Ricardo Hausmann called it a 'shameful deal,' saying Venezuelans will not respect this illegitimate deal and no major U.S. oil company will take it seriously because they know it will not last.