US President Donald Trump on Saturday said the United States has secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves under an agreement with Caracas, equal to about one-fifth of the country’s total reserves.
He did not disclose the agreement’s structure, the companies or fields involved, or how the United States would exercise majority control.
Rodriguez later announced that the agreement would develop 17 strategic oilfields and generate $209 billion in tax revenue for Venezuela.
— Delcy Rodríguez (@delcyrodriguezv) August 29, 2026
Negotiations had focused on granting American companies long-term access to Venezuelan oilfields and directing the resulting crude to the United States, according to Reuters. Venezuelan officials are preparing to sign exploration and production agreements next week with several companies, particularly US firms, covering fields in the Orinoco Belt and Lake Maracaibo regions.
Venezuela holds the world’s largest proven oil reserves but produces about 1.25 million barrels per day. Reuters reported that output remains well below its potential after “years of underinvestment, mismanagement, and sanctions.”
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