The U.S. oil deal with Venezuela.

The U.S.–Venezuela oil agreement. On Friday, President Donald Trump announced an agreement to make the United States government an investor in the production of Venezuelan oil. Under the reported terms of the deal, the U.S. will take a stake in a private Venezuelan company that will be given the rights to develop 17 oil fields believed to contain 65 billion barrels of oil. President Trump said the deal will help build up U.S. oil reserves, bring down gas prices, and promote investment and production in Venezuela from other U.S. energy companies. Interim Venezuelan President Delcy Rodríguez said the deal will economically benefit her country and revitalize its energy industry.

Back up: In January 2026, the U.S. conducted a military operation to arrest then-Venezuelan President Nicolás Maduro and bring him to the United States to face drug trafficking charges. Rodríguez was Maduro's vice president at the time, and she has since served as the country's interim president with backing from the Trump administration. President Trump has said that he would work with President Rodríguez to open Venezuela to U.S. oil companies and rebuild its energy infrastructure, which has suffered from underinvestment and political instability.