Oil and politics: What Trump’s ‘historic’ deal means for Venezuela

What Happened

On January 3, 2026, United States special forces conducted a military operation in Caracas, resulting in the abduction of Nicolás Maduro, who was subsequently transported to the United States to face criminal charges. Following this event, Delcy Rodríguez assumed the role of interim President and initiated a policy of privatizing the Venezuelan oil industry. Last week, the United States and the Venezuelan interim government announced an agreement granting United States companies access to 65 billion barrels of crude oil reserves over a 100-year period, a deal President Donald Trump characterized as the largest in history. The agreement involves the operation of 17 major oil fields by North American Blue Energy Partners (NABEP) in partnership with the United States Department of Defense’s Office of Strategic Capital (OSC).

Key Actors

Why It Matters

The agreement represents a fundamental shift in Venezuelan resource policy, moving away from the long-standing model of state-controlled oil production toward a framework heavily influenced by United States strategic interests. The deal is intended to integrate Venezuela into the United States energy security architecture, specifically targeting the replenishment of the Strategic Petroleum Reserve, while simultaneously serving as a catalyst for the political transition following the removal of the previous administration.

Watch For

Monitor the resolution of conflicting claims regarding the duration of the oil concessions, specifically the discrepancy between the 100-year term cited by the United States and the 25-year term announced by Venezuelan authorities. Additionally, observe the development of the three-phase political roadmap, including the establishment of a timeline for presidential elections and the ability of the interim government to secure investment from major United States oil companies beyond Chevron.