The multibillion-dollar deal grants Washington access to 17 strategic fields in exchange for massive private investment aimed at rebuilding Venezuela’s economy.
WASHINGTON/CARACAS – August 29, 2026:The United States and Venezuela have finalized a major energy partnership granting Washington access to more than 65 billion barrels of crude reserves across 17 strategic fields.
US President Donald Trump announced the arrangement on Truth Social, describing it as a landmark deal designed to double American oil reserves, stabilize hemispheric energy supplies, and lower domestic fuel prices.
“This historic transaction more than doubles American oil reserves, greatly increases our oil supply, and will substantially lower gas prices for all Americans,” Trump stated, noting the framework would simultaneously assist in Venezuela’s economic recovery.
Venezuela, home to the world’s largest proven oil reserves, confirmed the terms shortly after. Acting President Delcy Rodríguez outlined the economic framework, revealing that foreign backing and sector modernization efforts are projected to generate substantial revenue streams.
“The agreement calls for the development of 17 strategic fields and could see investment of more than $100 billion, and more than $209 billion in taxes for the state,” Rodríguez said in an official statement posted to social media.
The diplomatic shift reflects a significant reconfiguration of bilateral relations between the two nations, which have experienced severe tension and economic sanctions over the past decade. The development of these 17 fields aims to revitalize Venezuela’s heavily degraded petroleum infrastructure while securing a long-term supply corridor for US energy markets.
US Secretary of State Marco Rubio praised the strategic agreement, emphasizing its mutual economic advantages.
“It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home,” Rubio said on X. “For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”
Energy analysts expect the infusion of private capital to significantly alter global supply dynamics, though operational timelines for field rehabilitation and export pipelines remain subject to regulatory approvals and technical assessments on the ground.
