Delcy Rodriguez: Venezuela-US Energy Deal Set for 25 Years

Venezuela's interim President Delcy Rodriguez said on Saturday, August 29, 2026 (7 Shahrivar 1405), that the energy agreement between Caracas and Washington, unveiled days earlier when Donald Trump announced US control of more than 65 billion barrels of Venezuela's oil reserves, has been set for a 25 year term. According to Tasnim News Agency, she said the deal's goal is to raise Venezuela's oil output to 1.5 million barrels per day, while stressing that Caracas will maintain sovereignty over its natural resources. The Financial Times had earlier reported, citing a US official, that under the agreement US private companies secured a 55 percent stake in oil production from the joint venture with Venezuela, with some extraction rights granted to American companies for periods of up to 100 years. Venezuela holds the world's largest proven oil reserves, though its current output is estimated at roughly 1.2 to 1.25 million barrels per day according to earlier reports.