The United States has reached an agreement to control a significant portion of Venezuela’s oil output, the Trump administration announced on Friday, marking a major shift in U.S. policy and influence in the region. The deal comes after the U.S. successfully deposed Nicolás Maduro in January, turning Venezuela from a longstanding adversary into a client state aligned with American interests.
According to a U.S. official, the agreement will grant the United States 55 percent of production from a joint venture operated with an unnamed experienced private company in Venezuela. The State Department did not provide further details on the identity of the partner or the financial terms. The announcement coincides with reports that Chevron, the second-largest U.S. oil company, is in advanced talks to expand its operations in Venezuela, suggesting the company could play a significant role in the new arrangement.
Venezuela holds the world’s largest proven oil reserves, and control over the sector has been central to the country's political landscape for decades. Under the socialist governments of Hugo Chávez and Nicolás Maduro, the oil industry has been nationalized and seen as a symbol of national sovereignty. However, following Maduro's ousting, the Venezuelan National Assembly swiftly approved a revision of the country’s oil laws, allowing foreign companies more control over their ventures, paving the way for increased foreign investment.
The Trump administration’s focus on securing access to Venezuelan oil represents a departure from previous U.S. foreign policy norms, which tended to avoid explicit assertions of control over another nation’s natural resources to prevent international backlash. Officials have emphasized that increased Venezuelan oil production is part of a broader strategy to reduce reliance on Middle Eastern oil amid ongoing geopolitical tensions in that region.
Reaction within Venezuela has been mixed. Some citizens, weary of years under authoritarian rule and economic hardship, see the deal as a necessary compromise. “Obviously, the United States comes out ahead, enormously so,” said José Leal, a retired teacher from Valencia. “But without them, we won’t manage to break free from the socialism of Chávez and Maduro.” Others remain skeptical, recalling longstanding patterns of cronyism and corruption within the Venezuelan government, and expressing concern that ordinary citizens may not benefit from the arrangement.
Critics point out that the U.S. announcement made no mention of democratic reforms or a transitional political process, fueling fears that control over Venezuela’s oil could deepen foreign influence without guaranteeing meaningful changes for the country’s population.
As negotiations continue, many Venezuelans are assessing the implications of aligning their energy sector more closely with the United States. The arrangement highlights the complex dynamics of resource control, sovereignty, and geopolitical strategy shaping the future of Venezuela and the region.