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US and Venezuela seal 25-year oil deal

US President Donald Trump has called it “the biggest oil deal in world history”, while Venezuela’s interim president has assured the public that the country will retain control of its oil under the agreement. The “historic” 25-year deal with Washington involves 65 billion barrels of Venezuelan oil and aims to allow the country to develop its oil industry while preserving “ownership of and sovereignty” over its resources, Rodriguez said in a televised address. Rachael Griffiths has more.

30 Aug 2026 1 min 0
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US and Venezuela seal 25-year oil deal

US President Donald Trump has called it “the biggest oil deal in world history”, while Venezuela’s interim president has assured the public that the country will retain control of its oil under the agreement. The “historic” 25-year deal with Washington involves 65 billion barrels of Venezuelan oil and aims to allow the country to develop its oil industry while preserving “ownership of and sovereignty” over its resources, Rodriguez said in a televised address. Rachael Griffiths has more.

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