Venezuelan interim President Delcy Rodriguez said on Saturday (August 29, 2026) that an energy agreement with the U.S. would remain in force for 25 years, target an increase in crude output to 1.5 million barrels per day (bpd) and preserve the country’s sovereignty over its natural resources.
President Donald Trump on Friday (August 28) announced plans for the U.S. to take partial control of Venezuela’s vast oil reserves, betting that American companies can help revive the South American nation’s battered energy industry while providing a new source of crude to help lower U.S. fuel prices.
Ms. Mr. Mr. Rodriguez welcomed the agreement following Mr. Trump’s announcement, saying it would bolster economic growth and increase government revenue.
Rodriguez said the agreement could generate about $209 billion in revenue for the Venezuelan state, based on a benchmark oil price of $65 per barrel, though she acknowledged crude prices could fluctuate. She said roughly $19 from each barrel produced and sold under the arrangement would flow directly to Venezuela, providing a significant boost to government revenue. Earlier on Saturday (August 29), dozens of pro-government groups gathered in downtown Caracas to protest against the U.S. presence in Venezuela.
Rodriguez hailed the accord in a late-night address as a “historic” deal that would help revive the economy and boost government revenue, saying it would help shape the country’s future. “This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Mr. Rodriguez said on state broadcaster VTV . She said that the country retained “ownership of and sovereignty” over its natural resources, “while leveraging capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions.
