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Venezuela signs deal giving U.S. control of 65B oil barrels

8/31/2026

29 3 Full Breakdown

Summary

Story summary

Interim President Delcy Rodríguez signed a deal giving the United States control of 65 billion barrels of oil.
The pact covers 17 strategic fields and targets over 1.5 million barrels daily.
Venezuela expects $209 billion in tax revenue and about $19 profit per barrel.
Opposition figures, including ex-PDVSA chief Rafael Ramírez, condemned the deal as a neo-colonial land grab.

History

Historical Context

President Carlos Andrés Pérez nationalized Venezuela’s oil industry on 1 January 1976, creating PDVSA and ending foreign concessions after earlier 1943 reforms that gave the state a 50-50 share of oil revenue. In 2026 interim president Delcy Rodríguez signed a deal with the United States, receiving $300 million and opening the sector to foreign investment, echoing the 1976 shift toward state control.

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Story summary

Interim President Delcy Rodríguez signed a deal giving the United States control of 65 billion barrels of oil.
The pact covers 17 strategic fields and targets over 1.5 million barrels daily.
Venezuela expects $209 billion in tax revenue and about $19 profit per barrel.
Opposition figures, including ex-PDVSA chief Rafael Ramírez, condemned the deal as a neo-colonial land grab.

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