Venezuela's interim President says U.S. energy deal will last 25 years
Venezuela and the United States have entered a 25-year energy agreement aimed at increasing Venezuelan crude oil production to 1.5 million barrels per day. The deal involves U.S. companies taking partial control of strategic oilfields to help revive Venezuela's struggling energy sector and stabilize fuel prices.
Why it matters
This deal represents a major geopolitical shift in U.S.-Venezuela relations, potentially reshaping global energy markets and providing a significant economic lifeline to the Venezuelan government.
Venezuelan interim President Delcy Rodriguez said on Saturday (August 29, 2026) that an energy agreement with the U.S. would remain in force for 25 years, target an increase in crude output to 1.5 million barrels per day (bpd) and preserve the country’s sovereignty over its natural resources.
Ms. Rodriguez hailed the accord in a late-night address as a “historic” deal that would help revive the economy and boost government revenue, saying it would help shape the country’s future.
“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Mr. Rodriguez said on state broadcaster VTV .
“That figure relates solely to the bilateral agreement between Venezuela and the United States.”
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