US, Venezuela Inaugurate Historic Oil Partnership for 65 Billion Barrels

Published on 29/08/2026 – 8:18 GMT+2•Updated 8:21

The United States and Venezuela have finalized an agreement to jointly manage over 65 billion barrels of Venezuela’s oil reserves, marking a strategic milestone in energy policy.

Former President Donald Trump announced the deal via Truth Social on Friday, describing it as “the biggest oil deal in world history.” He emphasized its potential to double American oil reserves, enhance energy security, and reduce gas prices for U.S. consumers, while also framing it as a catalyst for Venezuela’s economic recovery.

Venezuelan interim President Delcy Rodríguez confirmed the agreement in a social media statement, outlining its framework for developing 17 strategic oil fields with projected investments exceeding $100 billion and an estimated $209 billion in state revenues.

The partnership follows years of U.S. efforts to re-engage with Venezuela’s energy sector, which has faced skepticism from international investors due to infrastructure challenges and political instability. U.S. Secretary of State Marco Rubio lauded the deal as a “huge win” for both nations, highlighting its role in advancing hemispheric energy security and economic growth through capital inflows and job creation.

The agreement builds on developments from January 2026, when U.S. forces apprehended former leader Nicolás Maduro, leading to Trump’s pledges of investment to modernize Venezuela’s oil industry and stabilize its economy.

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