Trump Announces Historic Oil Deal with Venezuela

Aug 29, 2026

70 min

Aug 29, 2026 19:30

Trump’s ‘biggest oil deal in history’: What we know

## Overview of the Deal

President Donald Trump has announced what he describes as the "biggest oil deal in world history" with Venezuela. The agreement, which spans 100 years, involves the development of 17 oil fields with a potential of 65 billion barrels. This deal could attract $100 billion in investment and yield significant tax revenue for Venezuela.

## Details and Implications

The U.S. government, alongside an unnamed private operator, has formed a new company to manage these oil fields. The United States will hold a 55% effective output stake, including ownership and rights to purchase oil at cost. This move is seen as a step towards reducing U.S. reliance on oil from other regions, although immediate impacts on gas prices are uncertain due to Venezuela's outdated infrastructure.

## Reactions and Concerns

The deal has sparked mixed reactions. Some Venezuelans view it as a betrayal, arguing that national resources should benefit the people rather than foreign interests. Critics in the U.S., particularly Democrats, have condemned the deal, suggesting it was motivated by Trump's desire to access Venezuelan oil. Meanwhile, supporters see it as a strategic win for both nations.

## Unanswered Questions

Key details remain unclear, such as the identity of the private operator and who will finance the necessary infrastructure improvements. The reaction of major U.S. oil companies is also uncertain, given the political and logistical challenges involved in operating in Venezuela.

Read the full story at the source

What you need to know to get Emirates ID?

Leave your details and get a guide as a gift to avoid mistakes

Article contents

LinkedIn X Facebook WhatsApp Telegram