Venezuela-US Energy Deal Splits Over Control and Revenue

US President Donald Trump announced on August 28, 2026, that the United States and Venezuela have concluded a bilateral energy agreement. According to Trump's post on his Truth Social platform, Washington will maintain majority control over a significant share of Venezuela's oil reserves, with no cost to American taxpayers.

The deal was negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, though the terms presented by Trump diverge from those claimed by Venezuelan interim President Delcy Rodríguez. Rodríguez stated that her government will maintain sovereignty over its natural resources and outlined several key points regarding the agreement, including the number of oil fields covered, a contract duration, an initial production target, and a royalty and tax regime for undeveloped blocks.

The announced payment mechanism is open to interpretation, with some reports suggesting it could provide Venezuela with significant revenue, while others imply the economic benefit may be far lower than previous estimates. Oil production figures remain in dispute, with Caracas claiming a higher level of output than secondary sources typically used by OPEC. Chevron is the only major US oil company maintaining an operational presence in Venezuela.

Despite the diplomatic tensions between Washington and other producers echoing the deadlock with Iran, the deal highlights the complexities surrounding international energy agreements and their implications for global markets.