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

Since January 3, 2026, when U.S. special forces abducted President Nicolas Maduro, Venezuela has undergone a radical shift in its oil industry management. Interim President Delcy Rodriguez has aimed to privatize the sector in favor of U.S. interests, reforming the hydrocarbons law and allowing U.S. companies to tap into oil reserves. A recent deal grants U.S. companies access to 65 billion barrels of oil reserves over the next 100 years, described by Trump as the 'biggest oil deal in world history.'