Venezuela and United States sign 25-year oil production agreement

Venezuela's interim president, Delcy Rodríguez, has announced a 25-year oil deal with the United States. She defended the agreement in August 2026, after President Trump made it public.

The deal covers 17 oil fields that may hold up to 65 billion barrels of oil. Venezuela aims to produce more than 1.5 million barrels per day. It will receive $19 for each barrel sold to the U.S., which could bring in around $209 billion per year. U.S. companies, including Chevron, are expected to invest over $100 billion.

Rodríguez said Venezuela keeps full ownership of its oil. However, Trump said the U.S. will have majority control and will act as a political overseer with no set end date.