Story perspectives

Rodríguez Signs Century Deal Giving U.S. Oil Control

9/4/2026

Summary

Story summary

President Delcy Rodríguez signed a century-long deal giving U.S. control of one-fifth of Venezuela’s oil reserves.
The joint venture covers 17 fields with proven reserves of 65 billion barrels.
The pact could bring $100 billion in investment and over $209 billion in taxes.
Democratic senators Tim Kaine and Chris Van Hollen called agreement corrupt and a risk to U.S. service members.
Venezuelans protest, saying the deal surrenders resources and questioning Rodríguez’s legitimacy.

History

Historical Context

Venezuela nationalized its oil sector on 1 January 1976, creating PDVSA and ending U.S. firms’ control. Decades of renationalization, including the 2007 expropriation of ExxonMobil assets, set a precedent for state-run oil policy. In 2024 President Delcy Rodríguez signed a deal giving Exxon Mobil and Chevron rights to 17 fields holding about 65 billion barrels, reviving foreign-control debates.

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Story summary

President Delcy Rodríguez signed a century-long deal giving U.S. control of one-fifth of Venezuela’s oil reserves.
The joint venture covers 17 fields with proven reserves of 65 billion barrels.
The pact could bring $100 billion in investment and over $209 billion in taxes.
Democratic senators Tim Kaine and Chris Van Hollen called agreement corrupt and a risk to U.S. service members.
Venezuelans protest, saying the deal surrenders resources and questioning Rodríguez’s legitimacy.

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