Venezuela Oil Deal Grants U.S. 55% Effective Stake in 65 Billion Barrels
While the U.S. secures a massive energy foothold in Venezuela, the country’s opposition leader predicts a 2027 election despite months of stalled democratic transitions.
By Noor Graham ·
The United States has secured an effective 55% share in a new energy venture that grants access to more than 65 billion barrels of proven Venezuelan oil reserves. This figure represents a major shift in global energy dynamics following the capture of Venezuelan leader Nicolás Maduro by U.S. Special Forces in January of this year. The agreement, announced on August 28, gives the U.S. government a direct 35% ownership stake in 17 oil fields. It also guarantees access to 20% of the total output at cost. Together, these terms give the U.S. an effective control share of 55% of the production.
President Donald Trump described the pact as the biggest oil deal in world history. He argued that the additional supply would substantially lower gas prices for Americans. He also stated the deal would reduce the influence of China and Russia in the Western Hemisphere. The partnership involves the U.S. Departments of State and War working with North American Blue Energy Partners. This private company is owned by Venezuelan businessman Alejandro Betancourt.
Venezuela’s interim president, Delcy Rodríguez, has called the agreement a major victory for the Venezuelan people. She promised hundreds of billions of dollars in investment and revenue. The goal is to help the country restructure its crippling debt and end years of economic stagnation. However, the focus on oil has overshadowed the political transition since Maduro’s removal in a military raid ordered by Trump in January.
María Corina Machado, the prominent opposition leader and 2025 Nobel Peace Prize winner, returned to Caracas on October 27. She had been in exile for about a year. Upon her return, she thanked the Trump administration for removing Maduro and expressed confidence that Venezuela will hold elections in 2027. Earlier in the year, during a White House visit, Machado presented Trump with her Nobel medal. She hoped he would push for early elections that she was widely expected to win. Trump responded that Venezuela needed to be fixed first and estimated the process could take 18 months.
Tensions have emerged between Machado and the interim government’s economic strategy. On October 15, Machado accused Betancourt, the Venezuelan partner in the oil deal, of obscene corruption in an interview with The New York Times. She blamed him for the country’s persistent electricity shortages. Machado did not criticize Trump directly or suggest she would repudiate the oil deal if elected. She did make clear, however, that Betancourt would have no part in her administration.
The Rodriguez government is currently negotiating with representatives of the 2015 National Assembly. This body was Venezuela’s last internationally recognized, democratically elected legislature. Machado has said she has been marginalized in those talks. Her return marks her sharpest attempt to distance herself from an agreement between a government run by Maduro’s former deputies and a U.S. administration that has become increasingly unpopular in Venezuela.
Secretary of State Marco Rubio recently warned, without naming Machado, that the country is not going to street-protest its way into a democracy. He suggested that Washington would control the process ahead. Machado believes Washington will push Rodriguez to hold elections next year. She must now balance maintaining good terms with a U.S. president who holds tremendous leverage while exploiting the opportunities created by his growing unpopularity at home.
