Venezuela sets 25-year term for oil deal with United States

The Venezuelan government announced that its oil agreement with the United States will run for 25 years, according to Infobae, which reported the news on August 30, 2026. The announcement adds detail to the bilateral understanding first disclosed by President Donald Trump on August 28, 2026, through his social media accounts, when he said the two countries had agreed to access to 65,000 million barrels of oil reserves.

Tying up energy resources for 25 years means committing the country's principal macroeconomic lever for a quarter century. In economic terms, a commitment of this scale seeks to give certainty to large, capital-intensive investments needed to develop complex oil fields, but it also limits the room for future administrations to renegotiate contracts if global market conditions or hydrocarbon prices change.

According to coverage published by El Estímulo, the plan involves developing 17 strategic fields to raise output to 1.5 million barrels a day, with estimated state revenue of $209.335 billion over the full period. El Nacional, for its part, reported that the projected capital inflow exceeds $100 billion, in a context in which the domestic oil industry is seeking to overcome the sustained impact of international sanctions.

On the domestic political front, the Partido Socialista Unido de Venezuela backed the measure, arguing that it helps offset the effects of external restrictions, according to Efecto Cocuyo. Implementing this long-term framework will set the pace for the Venezuelan economy and its place in global energy markets in the decades ahead.

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