US, Venezuela Ink Historic Oil Deal: US Gains Majority Control of 65B Barrels

US President Donald Trump announced a major oil deal between the US and Venezuela on August 28, 2026. The agreement gives the US majority control of over 65 billion barrels of proven Venezuelan oil reserves for 100 years.

The new company, created by the US government and an unnamed private operator in Venezuela, will develop previously untapped oil fields with a potential of around 65 billion barrels. This could attract about $100 billion in investment into Venezuela's oil sector and generate more than $209 billion in taxes for Caracas.

The deal is expected to benefit both the US and Venezuela, but it has been met with some criticism in Venezuela. Some people see it as a surrender of national resources to the US, while others believe it will help revive the country's economy and provide revenue for housing and public services.