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2 Sept 2026, 18:32

U.S. Energy Secretary Chris Wright and interim Venezuelan President Delcy Rodríguez signed an oil agreement in Caracas on Wednesday, under which the United States gains majority control over 65 billion barrels of Venezuela's oil reserves.

This amount represents about one-fifth of Venezuela's vast oil reserves. Donald Trump, the U.S. President, has described this agreement as "the largest oil deal in world history."

Under this agreement, the U.S. will have preferential access to 17 oil fields in Venezuela; facilities that were previously under the control of Russian and Chinese companies.

At the same time, Chevron has announced a separate $7 billion agreement to develop two additional oil fields in the Orinoco Belt. Chevron states that this investment could more than double its production in Venezuela over the next five years.

The U.S. Energy Secretary has predicted that Venezuela's oil production could exceed two million barrels per day by the end of this decade; about double the production level in January, when U.S. forces overthrew Nicolás Maduro and Delcy Rodríguez took power.

This agreement has faced criticism, with opponents accusing Rodríguez's government of relinquishing Venezuela's sovereignty over its oil resources. The Venezuelan government, in turn, claims that this agreement will help the country exploit its energy potential and attract investment.
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