US and Venezuela Signed 65-Billion Barrel Oil Deal
The agreement grants the US a 55% share of output from 17 new oil fields to help stabilize global energy costs.
Updated on Sept. 22, 2026 in Oil and Gas
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The United States has entered an oil agreement with Venezuela covering 65 billion barrels of reserves across 17 fields to boost production to 1.5 million barrels per day. The deal grants the US a 55% share of the output from a newly formed joint company to help lower global energy prices.
Why it matters
The pact aims to revitalize Venezuela's stagnant oil sector while securing a reliable supply chain to influence global energy markets. For operators, this move signals a major shift in international energy sourcing that could stabilize costs over the next century.
The agreement spans 17 fields over a 100-year term and is expected to generate $209 billion in tax revenue for Caracas. The US secures a 55% stake in the newly formed company's production output.
The players
Donald Trump
The President of the United States who oversaw the diplomatic and extraction deal.
Nicolás Maduro
The former leader of Venezuela arrested during a US military operation in January.
The details
The US and a Venezuelan private operator have established a new company to manage the extraction rights across the 17 identified fields. Through this entity, the US secures ownership and direct purchase rights at cost for 55% of the total output. This infrastructure is intended to scale extraction capacity to 1.5 million barrels per day, creating a long-term supply bridge.
Timeline
January: US military operation arrested Nicolás Maduro.
September 22, 2026: President Trump announced the oil deal at UNGA.
November 3, 2026: US midterm elections occur.
Market Landscape
This deal follows the precedent set by the 2026 UNGA oil production framework for hemispheric resource management. It marks a significant expansion of that strategy by formalizing century-long extraction rights.
Businesses should monitor global energy price volatility as this massive new supply comes online. Procurement managers should prepare for potential adjustments in fuel-linked logistics costs as production scales.
The takeaway
The deal signals a major, long-term commitment to increasing Western Hemisphere oil supply to influence global benchmarks. Operators should track the production ramp-up to 1.5 million barrels per day as a leading indicator for fuel cost trends.
What happens next
The United States government is expected to pursue similar energy negotiations with Iran following the midterm elections on November 3, 2026.
Further reading
For more on international energy infrastructure shifts, visit the Oil and Gas section.
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