Venezuelan parliament approves oil agreement with the United States

Wednesday 02 September 2026 - 10:47

By: Azzat Manal

Venezuelan parliament approves oil agreement with the United States

Venezuela’s parliament has approved a bilateral energy agreement with the United States, marking a significant development in relations between the two countries and potentially opening the door to expanded cooperation in Venezuela’s oil sector.

Parliamentary President Jorge Rodríguez announced the decision following an extraordinary session devoted to issues considered important to the country. He said lawmakers had backed the energy agreement between Venezuela and the United States, alongside a partial reform of legislation governing the country’s Supreme Court.

The agreement comes after US President Donald Trump announced on August 28 that Washington had reached an oil deal with the Venezuelan side. The arrangement reportedly concerns Venezuela’s proven oil reserves, estimated at around 65 billion barrels.

Venezuelan interim President Delcy Rodríguez said the agreement would remain in effect for 25 years and would involve investment in 17 oil fields across the country. The long-term arrangement is expected to focus on developing Venezuela’s substantial petroleum resources and expanding investment in its energy industry.

The agreement could have wider economic implications for Venezuela, which holds some of the world’s largest proven crude oil reserves but has faced years of economic difficulties, declining production and challenges affecting its energy infrastructure.

For Washington, closer engagement with Venezuela’s oil sector could also have implications for regional energy supplies and the broader US approach toward Caracas. The development comes against a complex backdrop of political and economic tensions between the two countries.

The parliamentary approval represents an important institutional step for the agreement, although its implementation will depend on the terms of the deal and the ability of both sides to carry out the planned investments.

The proposed 25-year framework and the focus on multiple oil fields underline the potentially long-term nature of the cooperation, making the agreement an important development for Venezuela’s energy sector and its relationship with the United States.