US Secures Control Over Major Venezuela Oil Reserves Amid Global Price Worries
US Energy Secretary Chris Wright arrived in Venezuela on September 2, 2026, to sign an agreement granting the United States control of about one-fifth of Venezuelan oil reserves. The deal, announced by President Donald Trump on August 29, has been met with major questions and controversy.
The multibillion-dollar agreement grants Chevron a major expansion in Venezuela, and US officials claim it will lower oil prices for Americans and counter Russian and Chinese influence on Washington's doorstep. However, critics argue that the deal gives too much control to the US government and may lead to further corruption in the run-down Venezuelan oil industry.
North American Blue Energy Partners (NABEP), Venezuela's second-largest private oil company, will grant Washington the right to buy 20 percent of the oil pumped by the firm at production cost. The US government will also have veto power over NABEP's board members and must constitute a majority of the firm's directors.
Venezuela's Defense Minister Gustavo Gonzalez Lopez gave the deal full military backing, describing it as 'prosperity and well-being for the country.' However, opposition lawmakers in Venezuela have expressed concerns about the deal and its potential impact on the Venezuelan economy.