International News

US-Venezuela Oil Deal

August 31 , 2026 8 hrs 0 min 3 0

The United States announced an agreement for majority control over more than 65 billion barrels of Venezuelan oil reserves.
The reported deal covers 17 strategic oilfields and may grant the US access to the reserves for 100 years.
The reserves represent about one-fifth of Venezuela’s estimated 303 billion barrels of proven oil reserves.
Venezuela estimated that the deal would attract $100 billion in investment and generate $209 billion in taxes.
The deal was announced amid rising global oil prices and declining US oil reserves.