Venezuela’s parliament voted to support the 65 billion barrel oil deal, although details have not been made public.
Published September 1, 2026
U.S. Energy Secretary Chris Wright is scheduled to visit Venezuela after the country approved a deal that gives the United States effective control of most of the country’s oil reserves.
Anonymous U.S. officials told reporters that Wright will visit Venezuela on Tuesday as President Donald Trump’s administration moves forward with a controversial energy deal.
Recommended stories
list of 3 itemsend of list
“First and foremost, it promotes the national interests of the United States,” the official said, adding that it was “critically important” that the United States be able to “reliably purchase crude oil at cost.”
Details of the deal are still unclear, but critics liken it to a treaty imposed by a colonial power.
Still, the interim government of Venezuelan President Delcy Rodríguez defended the deal as a boon to the country’s struggling economy. The National Assembly, led by his brother Jorge Rodriguez, voted to support the bill on Tuesday.
“Support for the bilateral energy agreement between the Bolivarian Republic of Venezuela and the United States of America has been approved,” said Jorge Rodriguez.
However, there was opposition within the Diet as well. Some opposition members abstained from the vote and criticized the fact that the terms of the agreement had not yet been made public.
“We need and have a duty to know what’s in the fine print,” said Luis Emilio Rondon, who called for “the full text of the agreement.”
Details of the deal are not yet clear, but the deal would give the United States access to 65 billion barrels, about a fifth of Venezuela’s proven oil reserves.
As part of the agreement, the United States is expected to enter into partnerships with private companies to extract fuel from 17 large oil fields in Venezuela. According to reports, the oil field lease agreement will last for 100 years.
The White House confirmed Monday that it is partnering with North American Blue Energy Partners (NABEP), a company led by Venezuelan businessman Alejandro Betancur, a former ally of the late President Hugo Chávez.
The agreement creates a new company in which the U.S. Department of Defense will take a 35% stake and the State Department will have the right to buy 20% of the oil produced at cost.
Betancourt is under criminal investigation in Spain and Switzerland on suspicion of money laundering.
But a U.S. official, speaking on condition of anonymity, defended the partnership, saying Betancourt had not faced criminal charges in the United States.
“I’m not here to recommend anyone to sainthood,” the official said. Rather, the official characterized the deal as a “geopolitical opportunity to secure areas that have been primarily under the influence of Chinese and Russian companies.”
Asked about the possibility of democratic elections in Venezuela, the official said it was not possible for the time being.
The official added that during transitions, “even when creating a new structure, you almost always have to work with elements of an existing structure.”
Separately, oil giant Chevron is expected to sign an agreement on Wednesday to expand its operations in Venezuela.
Venezuela’s energy sector is in ruins, with critics blaming harsh U.S. sanctions and government mismanagement.
The Trump administration is pushing for greater international participation in Venezuela’s oil sector, but some companies have expressed skepticism about investing in the country.
The 65 billion barrel oil deal was announced on August 27th in a post on President Trump’s Truth Social platform.
Since launching a military operation to abduct and imprison Venezuelan President Nicolás Maduro on January 3, the regime has increased its influence over the Venezuelan government.
Mr. Trump and Mr. Maduro have frequently clashed. Following Maduro’s abduction, Trump supported Vice President Rodríguez, a socialist leader, to take over Venezuela’s government, holding her up as a model for cooperation.
