Venezuela-United States oil agreement seeks to boost production and investment

The governments of Venezuela and the United States announced on Friday, August 28, the signing of a historic agreement for the United States to control 65 billion barrels of proven Venezuelan crude oil reserves for 25 years, as clarified by interim president Delcy Rodríguez this weekend.

.@POTUS: “Última hora: ¡Los Estados Unidos de América acaba de llegar a un acuerdo con Venezuela, el mayor acuerdo petrolero de la historia mundial! Bajo mis instrucciones, @SecRubio y @SecWar, trabajando estrechamente con la muy respetada Presidenta Interina de Venezuela, Delcy… https://t.co/TzrlvimgQv

— Embajada de los EE.UU. en Caracas (@usembassyve) August 28, 2026

The announcement has generated strong criticism and opposing opinions, leading some to believe that the agreement is a new strategy by Donald Trump to gain majority control of Venezuela’s oil reserves.

On the other hand, speculation regarding the real benefits of these revenues for the average citizen has been swift.

In any case, Venezuela maintains that this agreement aims to boost investment and promote the recovery of the oil industry.

According to Rodríguez, “the agreement will bring investments of more than $100 billion, as well as tax revenue for the Venezuelan state of approximately $209 billion.”

Although the interim president insists that “Venezuela retains ownership and sovereignty over its resources,” Trump made it clear that his administration will control 50% of a joint venture that will be formed after the agreement is signed.

M.Pino

Source: BBC

(Reference image source: WORKSITE Ltd. on Unsplash)

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