U.S. Seals Deal for Control Over Key Venezuelan Oil Reserves

The U.S. government has signed a new energy agreement with Venezuela that grants American companies control over a significant portion of the country's oil reserves. The deal gives U.S. interests majority control of more than 65 billion barrels of proven Venezuelan reserves, roughly one-fifth of the OPEC nation's total.

This adds to the existing 46 billion barrels of proved crude oil and lease condensate reserves held by the U.S., bringing the combined figure to around 111 billion barrels. This represents approximately 7.1% of the world's proven crude reserves, according to OPEC's 2025 data.

The agreement is expected to bring in over $100 billion in private investment and $209 billion in tax revenue for Venezuela. American companies, particularly Chevron, are poised to benefit from this deal, with production rights expected to flow primarily to U.S. operators.

However, experts note that the oil produced from these reserves is predominantly extra-heavy crude, requiring diluents and specialized refining. This means it will take time for meaningful incremental supply to reach global markets, and gas prices are unlikely to drop significantly in the near future.