Acting President Delcy Rodriguez confirmed on August 28, 2026 an oil agreement granting US interests 55% effective control over 17 strategic fields containing approximately 65 billion barrels of proven reserves, representing about 22% of the country’s total. The development lease spans 100 years within a public-private venture with projected private investment exceeding $100 billion, with Venezuela set to receive over $209 billion in tax revenue over the concession’s lifetime. Critics question Rodriguez’s constitutional authority, as she assumed power following the capture of Nicolas Maduro by US forces in January 2026, and compare the century-long term to colonial-era extractivist arrangements with historically unfavorable fiscal terms. The agreement could boost Venezuela’s oil production, which has plummeted from a peak of over 3 million barrels per day, put downward pressure on US gasoline prices, and reshape competitive dynamics within OPEC.
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