US-Venezuela oil deal gives US majority control of 65 billion barrels

Washington and Caracas announced Friday that they had reached a “historic” oil agreement, under which the United States will assume majority control of more than 65 billion barrels of Venezuela’s proven reserves. The deal, described by officials from both governments as a milestone in bilateral relations, marks the first time the United States has secured such extensive rights to Venezuelan oil assets.

The agreement grants U.S. entities operational and financial control over the majority of the reserves, while allowing Venezuela to retain a minority stake and receive royalties. Negotiators said the pact is intended to revive production at fields that have been largely idle due to years of sanctions and economic decline, and to provide a framework for future investment and technology transfer. The United States has indicated that the arrangement will be subject to compliance with international sanctions regimes, and both sides have pledged to monitor implementation through joint committees.

Analysts view the accord as a potential shift in the global oil market, given that Venezuela’s reserves rank among the world’s largest. By securing access to a substantial portion of those resources, the United States aims to bolster its energy security while offering Venezuela a pathway to re‑engage with international markets. The partnership is expected to be reviewed periodically to assess its impact on production levels, revenue flows, and compliance with existing diplomatic frameworks.