U.S.–Venezuela Oil Deal Grants Washington Majority Control Over 65 Billion Barrels
The United States and Venezuela have signed a deal giving Washington majority control over 65 billion barrels of Venezuelan oil, with the White House saying barrels from the agreement could start reaching U.S. reserves as soon as November.
A new oil agreement between the United States and Venezuela is set to alter global energy flows and Venezuela’s internal balance of power. On 2 September, officials announced a deal that gives the U.S. majority control over 65 billion barrels of Venezuelan oil, a large volume in a country with some of the world’s biggest reserves.
The deal comes alongside a separate White House statement that barrels from a Venezuela arrangement could begin reaching U.S. reserves in November, pointing to a short implementation timeline and near-term implications for fuel markets.
U.S. Energy Secretary Chris Wright has been in Venezuela, where he has described Trump’s mission in the country as bringing peace, freedom, opportunity and prosperity to Venezuelans. The new agreement gives Washington direct leverage over how a major slice of Venezuelan oil is managed and where it goes.
For Venezuela, whose economy has been hit by years of sanctions and economic crisis, the deal could bring fresh investment and hard currency. For the U.S., it offers added protection against supply shocks, including those linked to growing tensions with Iran that have already helped push Brent crude near $96 a barrel after Iranian strikes on U.S. Gulf allies.
Venezuelan authorities are also formalizing new energy cooperation agreements with international companies and reviewing cooperation with strategic foreign energy partners, presenting these steps as aligning mixed enterprises with the country’s hydrocarbon legislation. How the U.S. deal sits within this broader restructuring—who operates fields, how revenues are shared, and who makes strategic decisions—will shape whether it is seen inside Venezuela as support or as a loss of control.
For ordinary Venezuelans, the question is whether new energy money will improve access to electricity, food, medicine and jobs, or whether benefits will remain concentrated among political and business elites, as has often happened with past energy arrangements.
Internationally, majority U.S. control over such a large resource base in Venezuela strengthens Washington’s influence over production levels, export destinations and contract terms—tools that can be used in broader foreign and economic policy.
The agreement also intersects with sanctions policy. Many restrictions on Venezuelan entities have been justified as pressure for political change. As U.S. interests assume majority control over major oil assets, the line between punitive measures and commercial aims may become harder to separate.
What will matter next is whether Caracas discloses more about the deal’s terms, how Venezuelan political actors respond, and how quickly barrels actually flow into U.S. stockpiles. Any move by Washington to adjust sanctions on Venezuela, or to link this deal to its stance toward other oil producers such as Iran and Russia, would signal how the agreement is being folded into wider U.S. strategy.
Sources
- OSINT