US and Venezuela Sign 100-Year Oil Deal, Displacing Sanctioned Producers

In early September 2026, the US and Venezuela announced a major oil agreement that grants American companies long-term concessions to develop Venezuela's oil reserves. The deal, which the White House says spans 100 years, was approved by Venezuela's National Assembly and is expected to involve investments of up to $100 billion, with the goal of reaching 1 million barrels per day in output. US Energy Secretary is heading to Venezuela to finalize details, and the agreement has already displaced producers previously sanctioned by OFAC, including firms linked to Russia and China.