What’s behind the US deal to seize control of Venezuelan oil reserves?
The US government has announced a deal to secure majority control over 65 billion barrels of Venezuelan oil reserves. The agreement involves 17 strategic oil fields, though specific terms remain unclear and some analysts have questioned the feasibility of the stated figures.
Why it matters
This deal represents a significant shift in US-Venezuela relations and global energy geopolitics, potentially impacting international oil supply and market stability.
Few details have emerged about the arrangement between Washington and Caracas, criticised as a takeover of Venezuela’s resources.
x whatsapp-stroke copylink google Add Al Jazeera on Google info US President Donald Trump waves from the stairs of Air Force One on August 27 [Luis M Alvarez/AP Photo] By Al Jazeera Staff Published On 29 Aug 2026 29 Aug 2026 The United States has announced that it has secured control of a substantial portion of Venezuela’s vast oil reserves, after President Donald Trump pledged to “take back” the South American country’s energy resources.
On Friday, Trump announced that his government and that of Venezuela’s interim President Delcy Rodriguez had reached a deal to give the US majority control over more than 65 billion barrels’ worth of proven oil reserves.
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