Archive · 31 Aug 2026
Trump Claims Historic Venezuelan Oil Deal Amid Major Uncertainties
President Donald Trump says the United States made a very large oil agreement with Venezuela.
Venezuela says the agreement covers 17 oil fields that may contain 65 billion barrels of oil.
The Venezuelan government says the project could bring more than $100 billion in investment and over $209 billion in taxes.
A U.S. official says the United States would receive 55% of the new company’s effective oil output.
The company would reportedly have permission to operate the fields for 100 years.
Supporters say the deal could create jobs and help rebuild Venezuela’s economy.
Critics worry that it may help political leaders more than ordinary Venezuelans and question whether the agreement is legally valid.
Experts say broken equipment and unclear financing mean the deal is unlikely to make gasoline cheaper soon.
Donald Trump announced an agreement involving 17 Venezuelan oil fields with 65 billion barrels of stated potential.
Venezuela says the deal could attract more than $100 billion in investment and generate over $209 billion in state taxes.
A new company involving the U.S. government and an unnamed private operator reportedly received 100-year rights to untapped fields.
A U.S. official said the United States would receive 55% of the venture’s effective output, including ownership and rights to buy oil at cost.
The agreement’s text, financing, operator, legal authority and production timeline remain undisclosed, while experts doubt it will quickly lower gasoline prices.
- Who
- U.S. President Donald Trump, Venezuelan acting President Delcy Rodríguez, Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and an unnamed private operator.
- What
- An announced U.S.-Venezuela agreement to develop 17 oil fields and give the United States 55% of a new venture’s effective output.
- When
- Trump announced the agreement Friday night; Rodríguez discussed it Saturday. The finalization and production schedules are unknown.
- Where
- Venezuela’s untapped oil fields, with oil intended partly for U.S. strategic reserves and military use.
- Why
- Supporters say the agreement would modernize Venezuela’s oil industry, attract investment, create jobs, support public services and potentially improve U.S. energy security.
Supporters and U.S. Allies
Critics and Cautious Analysts
Economic benefits
Supporters and U.S. Allies
Trump, Rubio and Rodríguez describe the agreement as a major opportunity to attract investment, create jobs, modernize Venezuela’s oil industry and support economic recovery.
Critics and Cautious Analysts
Critics warn that the benefits could favor Venezuela’s ruling elite rather than ordinary people, while analysts say damaged infrastructure would delay meaningful gains.
Sovereignty and legitimacy
Supporters and U.S. Allies
Rodríguez says Venezuela retains ownership and sovereignty over its resources and wants to use the deal to become a global energy powerhouse.
Critics and Cautious Analysts
Ricardo Hausmann calls the agreement illegitimate and argues that Rodríguez lacks the constitutional authority to commit Venezuela to it.
Effect on U.S. fuel prices
Supporters and U.S. Allies
Trump says greater access to Venezuelan oil could lower gasoline prices and strengthen U.S. energy security.
Critics and Cautious Analysts
Energy experts say repairing Venezuela’s infrastructure will take years and billions of dollars, making a rapid reduction in gasoline prices unlikely.
- Fields covered
- 17 Venezuelan oil fields.
- Reported oil potential
- 65 billion barrels, according to a statement from Delcy Rodríguez’s government.
- Projected investment
- More than $100 billion according to Venezuela; Marco Rubio described nearly $100 billion in private investment.
- Projected state taxes
- More than $209 billion for Venezuela.
- Reported U.S. share
- 55% of the new company’s effective output, through an ownership stake and rights to buy oil at cost.
- Operating period
- The new venture reportedly received 100-year rights to operate in the fields.
- U.S. gasoline price
- AAA reported an average of about $4.08 per gallon, compared with about $3.20 at the same time the previous year.
- Unresolved details
- No agreement text has been released, and the private operator, financing responsibilities, ownership breakdown and production timeline remain unclear.
Sources
Explained: Trump's Deal Giving US Access To Vast Oil Reserves In Venezuela
What We Know About Trump's Deal Giving US Access to Vast Oil Reserves in Venezuela
‘Biggest oil deal’: Trump claims ‘historic’ 65bn barrel Venezuelan oil agreement
