Rodriguez: Venezuela's 25 Year Oil Deal With the US Covers Development of 17 Oil Fields

Venezuela's interim president Delcy Rodriguez announced details of a 25 year oil deal with the United States on Monday, 9 Shahrivar 1405 (August 31, 2026). According to RT, carried by Donya e Eqtesad, the deal covers the development of 17 strategic Venezuelan oil fields with the goal of producing more than 1.5 million barrels per day. Rodriguez said Venezuela would receive 19 dollars for every barrel of oil produced and sold to the United States, which at a reference price of 65 dollars a barrel would generate about 209 billion dollars a year for Venezuela, equal to 21 percent of the country's total proven reserves of 303 billion barrels.

Rodriguez stressed that Venezuela retains ownership and sovereignty over its oil resources, with the United States providing the capital and technology needed to rebuild the country's oil industry. US President Donald Trump called the deal "the biggest oil deal in world history" and said the United States had secured control of more than 65 billion barrels of proven reserves at no cost to American taxpayers.