US-Venezuela Oil Deal: Caracas Retains Sovereignty, Secures Billions

Venezuela's interim President Delcy Rodriguez says the country has managed to preserve its sovereignty despite signing a deal with the US to hand over rights to billions of barrels of its oil.

The 'historic' agreement, announced on August 30, 2026, will see Venezuela develop 17 strategic oilfields and eight greenfield oil blocks over a period of 25 years.

Rodriguez said in a televised address that the deal would allow Venezuela to retain ownership of its natural resources while leveraging capital, technology, and operational expertise from foreign companies.

Under the terms of the agreement, $19 will be set aside from every barrel of oil produced and sold to the US, with a potential value of $209 billion per year depending on oil prices.