Venezuela hands the US control over a fifth of its oil in landmark deal

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Published: 2026-09-02T05:17:05.079Z • Permanent link

Venezuela's parliament has just approved a landmark deal that hands the United States control over a fifth of its oil reserves, marking a significant shift in the nation's energy landscape. This move comes after the US government played a key role in helping to install a new government in Caracas, following the ousting of President Nicolas Maduro in January. The agreement is the culmination of months of negotiations between the Venezuelan government and the US oil major, Chevron, which has been operating in the country for decades.

Details of the deal are still emerging, but it is believed that Chevron will gain control of several key oil fields, including the Orinoco Belt, which is considered one of the most valuable reserves in the world. The deal is worth an estimated $10 billion, and is seen as a major coup for the US in its efforts to reassert its influence in the region. The Venezuelan government, which has been struggling to manage its economy, is believed to have seen the deal as a way to raise much-needed revenue.

The agreement is also seen as a significant victory for US President Joe Biden, who has been pushing to strengthen ties with the Venezuelan opposition. The deal is expected to pave the way for further cooperation between the two countries, including the potential for US investment in Venezuela's energy sector. Chevron has already announced plans to invest $1 billion in the country over the next five years, and is expected to play a key role in helping to stabilize the Venezuelan economy.

The deal has significant implications for the research community, with many analysts predicting that it will have a major impact on the global energy market. The Orinoco Belt is considered one of the most valuable reserves in the world, and is expected to play a major role in shaping the global energy landscape over the next decade. The deal is also seen as a major victory for the US, which has been struggling to reassert its influence in the region.

The agreement is also expected to have a major impact on the companies that operate in Venezuela, including Chevron, which is expected to see its profits soar as a result of the deal. The deal is also expected to have a major impact on the global economy, with many analysts predicting that it will lead to a significant increase in oil prices. The deal is also seen as a major victory for the US government, which has been pushing to strengthen ties with the Venezuelan opposition.

The deal is just the latest in a series of agreements between the US and Venezuela, which have been aimed at strengthening ties between the two countries. In 2020, the US and Venezuela signed a deal that allowed for the exchange of prisoners between the two countries, marking a significant step forward in their efforts to reestablish relations. The deal is also seen as part of a broader pattern of US engagement in the region, which has included diplomatic efforts to support the Venezuelan opposition and economic support to help stabilize the country's economy.