Venezuela in August 2026: the most important developments in economy
In Venezuela in August 2026, the economy was dominated by the oil agreement with the United States. On August 27 reports said Washington was in talks to take direct ownership of Venezuelan oil fields and that Venezuela was considering leaving OPEC after 60 years. On August 29 President Donald Trump announced a "historic" agreement giving the US control over a large part of Venezuela's oil reserves, which he put at 65 billion barrels. Trump said it would bring $100 billion in investment and thousands of jobs, and Secretary of State Marco Rubio pointed to the same benefits. Reports said Venezuela cedes 22% of its reserves. Critics and analysts said the terms leave many questions open.
Earlier, on August 17, India's ONGC received a US license to expand its operations in Venezuela, which is under US sanctions. Venezuelan refineries were operating at 350,000 barrels per day.
by WorldBrief & Maksim Micheliov | AI-generated summary
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