Geopolitics · Sunday, 30 August 2026
US announces deal with Venezuela on 65 billion barrels of oil reserves
President Trump announced on Friday a deal giving American companies access to develop 17 Venezuelan oil fields with an estimated potential of 65 billion barrels, negotiated by Secretary of State Rubio and Defense Secretary Hegseth with Venezuela's interim president, Delcy Rodríguez. The deal is expected to draw $100 billion in investment and yield over $209 billion in tax revenue for Caracas. It comes nine months after the US military captured Venezuela's then-president Nicolás Maduro and brought him to the United States to face narcotics-trafficking charges.