30.08.2026 09:00
Venezuela's Interim President Delcy Rodriguez announced that they have signed a new oil agreement with the United States that will last 25 years and provide a massive boost to the country's economy. The project, which targets a daily production of 1.5 million barrels, is expected to generate over $209 billion in revenue for Venezuela, while US President Donald Trump described the deal as 'the greatest oil deal in the history of the world.'
Interim President Delcy Rodriguez, speaking to Venezuelan state television VTV, shared the details of the agreement and announced that the deal reached with the US will remain valid for 25 years. Rodriguez stated that they aim to increase daily oil production to over 1.5 million barrels, emphasizing that this would allow approximately $19 from each barrel sold to go directly into Venezuela's treasury.
If the barrel price is calculated at $65, Venezuela's total revenue from this agreement is projected to reach $209 billion 335 million. Rodriguez expressed that their goal is to turn the country into a complete "energy power" through new agreements involving global energy giants such as Chevron, Repsol, Eni, Shell, and BP.
A NEW ERA IN THE ORINOCO PETROLEUM BELT
The massive project includes developments in 8 raw fields in the Orinoco Petroleum Belt, which covers an area of more than 55,000 square kilometers in the east and central-east of the country. Rodriguez noted that the agreement sets a minimum of 16% concession rights and a 34% income tax rate, stating that these conditions will accelerate the recovery of the economy, which has been severely hit by sanctions.
Promising that the process will be conducted transparently, Rodriguez said, "Our citizens have the right to know how much investment is made, how much production is carried out, what revenue the state obtains, and what the conditions are for operators." He also stressed that it must be clearly known that Venezuela's ownership and sovereignty rights over its resources are preserved despite the agreement.
CAPITAL AND TECHNOLOGY SUPPORT FROM THE US
Rodriguez stated that the US will provide capital, technology, and operational capacity for the revival of the sector, and conveyed his thanks to US President Donald Trump and US Secretary of State Marco Rubio for their efforts in implementing the agreement. Rodriguez emphasized that both sides contributed to the process in the best way they could.
TRUMP: THE GREATEST OIL DEAL IN WORLD HISTORY
Ambitious statements also came from the US side regarding the agreement. US President Donald Trump, in a post on his social media account, described the reached deal as "the greatest oil deal in world history."
Trump, stating that they have gained control over a large portion of the more than 65 billion barrels of oil reserves in Venezuela, noted that Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth conducted extremely close and coordinated work with Interim President Delcy Rodriguez throughout this process.