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On 28 August 2026 US President Donald Trump announced that the United States had entered an agreement giving it majority control of more than 65 billion barrels of Venezuela's proven oil reserves, calling it the biggest oil deal in world history.
Secretary of State Marco Rubio said the arrangement would bring nearly $100 billion of private investment into Venezuela; Trump said it came at no cost to American taxpayers and would more than double United States oil reserves.
The announcement named Venezuela's interim President Delcy Rodriguez, who took office in January 2026 after Nicolas Maduro was removed from power and taken to face criminal charges in a United States court.
Venezuela holds roughly 303 billion barrels of proven crude reserves, the largest of any country and about 17 per cent of the world total, but its output has collapsed after years of underinvestment and infrastructure decay.
Chevron, the only major American oil company still operating in Venezuela, reported gross output of about 280,000 barrels per day from its joint ventures with the state firm PDVSA and sees room for up to 50 per cent growth by the end of 2028.
Venezuela becomes one of the five founding members of OPEC, alongside Iran, Iraq, Kuwait and Saudi Arabia, at the Baghdad Conference.
Delcy Rodriguez, vice president since 2018, is sworn in as interim President after Nicolas Maduro is removed and taken to face criminal charges in a United States federal court.
Chevron tells investors that gross production from its joint ventures with PDVSA has reached about 280,000 barrels per day, with room for up to 50% growth by end-2028.
Trump announces the agreement giving the United States majority control of more than 65 billion barrels of Venezuelan proven reserves.
Intergovernmental group of oil-exporting states that coordinates production policy; Venezuela is a founding member but its influence has fallen as output declined
Venezuela's state-owned oil and natural gas company; foreign producers operate in the country through joint ventures with it
The only major United States oil company still operating in Venezuela, producing about 280,000 barrels per day gross through its PDVSA joint ventures
GS Paper 2 > International Relations - bilateral agreements affecting global interests; GS Paper 3 > Economy - energy security and resource geopolitics
General Awareness > Current Affairs and World Geography - major oil producers and OPEC
General Awareness > International Economic Affairs - crude prices and their effect on import bills
The quantity of oil that geological and engineering data show can be recovered from known reservoirs under existing economic and operating conditions - distinct from total oil in place.
The Organization of the Petroleum Exporting Countries, founded in 1960 at the Baghdad Conference by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, headquartered in Vienna.
In Venezuela's oil sector, the legal form through which foreign producers operate, with the state company PDVSA holding a stake in each project.
State assertion of control over natural resources within its territory, often through nationalisation of foreign-owned assets.