Sep 1, 2026 · 23 min
Trump turns Venezuelan oil into a U.S. national-security bet
Inside the U.S. Deal to Get Venezuela’s Oil
The agreement could reshape U.S. access to Venezuela’s oil, but its legal basis, political durability and commercial payoff remain uncertain.
- 1The U.S. government would take a 35% stake and buy 20% of production from a Venezuelan oil company.
- 2Pentagon-backed financing treats Venezuela’s oil as a national-security asset while asking taxpayers to absorb unusual investment risks.
- 3Legal disputes, disputed political authority and possible government change could prevent the agreement from delivering its promised benefits.
Don't miss
The reported terms reveal the unusual scale of the arrangement: a 35% U.S. stake, discounted access to production and Pentagon-backed field development.
The brief
Donald Trump presents the agreement as a historic oil deal, but its immediate purpose is less about gasoline than about giving U.S. policy a tangible stake in Venezuela’s energy sector.
The administration struggled to attract private oil companies, so it assembled support from the Energy and State departments and the Pentagon’s Office of Strategic Capital.
The Venezuelan side centers on businessman Alejandro Betancourt, whose existing operations and political connections offered an advantage over larger U.S. companies without a local foothold.
Under the reported terms, the U.S. would receive 35% of Betancourt’s company and buy 20% of its production at cost while helping finance 17 fields.
The arrangement faces constitutional questions, an unelected government and the possibility that a future Venezuelan administration will reject a deal made under disputed authority.
For Americans, any effect on gas prices is years away; for Venezuelans, the agreement offers investment and U.S. backing while leaving ordinary hardship largely unchanged.
Featuring
Vera Bergengruen
Donald John Trump
Delcy Rodríguez
The Pentagon
VenezuelaListen to the full episode and explore every guest, topic, and moment on PodLume.