Venezuelan National Assembly approves oil agreement with United States, 17 fields under US control
Venezuela's National Assembly, where the ruling party holds an absolute majority, approved an "historic" oil agreement with the United States on Tuesday, September 1, 2026. Under the deal, the United States will control 17 Venezuelan oil fields with an estimated production potential of 65 billion barrels. Venezuela anticipates gaining $209 billion over 25 years from this agreement. US Energy Minister Chris Wright was expected to arrive in Venezuela the same evening, likely to sign the agreement on Wednesday. The President of the Assembly, Jorge Rodriguez, confirmed the approval of the "support for the binational energy treaty between the Bolivarian Republic of Venezuela and the United States of America" after a show of hands. A few opposition deputies abstained, stating they wished to review the contract first. Jorge Rodriguez emphasized the importance of utilizing the oil resources to fund public services and improve living standards, noting that Venezuela, despite having the world's largest oil reserves, is only the 20th largest exporter. Opposition deputy Luis Emilio Rondon called for greater transparency, demanding the full text of the agreement before voting, citing its long-term and significant nature. Earlier, relatives of political prisoners protested in Caracas, criticizing the United States for negotiating oil deals while allegedly overlooking the plight of political detainees. Protesters, numbering around fifty, questioned the value of a political prisoner compared
