What are the key terms of the US-Venezuela oil deal announced by Donald Trump?

The deal entails a 25-year agreement for the US to gain majority control over more than 65 billion barrels of Venezuelan oil reserves, with a production target of over 1.5 million barrels per day and expected revenue for Venezuela of about $209 billion annually.

Why does the US see Venezuela as a significant oil partner at this time?

The US views Venezuela as critical due to its vast proven oil reserves, especially in the context of rising energy prices and disruptions to global oil supplies caused by geopolitical tensions, including conflicts in the Strait of Hormuz.

How will the revenue from the Venezuelan oil deal be structured for Venezuela?

Venezuela is expected to receive approximately $19 for every barrel of oil produced and sold to the US, potentially generating around $209 billion a year based on a benchmark oil price of $65 per barrel.

‘Standing firm’: Ex-Venezuelan President Nicolas Maduro shares photos from US prison after ‘biggest oil deal’

The photos surfaced two days after Maduro's successor, Delcy Rodriguez, announced a "historic" oil agreement allowing the US to operate oil fields in Venezuela.

Updated on: Aug 30, 2026, 22:56:17 IST

By Shivam Pratap Singh

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Former Venezuelan President Nicolas Maduro posted photographs on social media from the New York prison on Sunday, saying that he was "standing firm".

In the two photographs, Nicolas Maduro is wearing a grey tracksuit and making peace signs with his hands. (X/ Nicolas Maduro)

Maduro and his wife, Cilia Flores, were seized in Caracas during a US military operation in January. They are being detained in a jail in Brooklyn, New York, on drug trafficking and firearms possession charges. The couple have denied the charges.

"I am sending these photos as a small gift to all my grandchildren, to the boys and girls, and to all the good people who love us," he wrote on X.

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"I want you to know that we are standing firm, with our hearts full of your love," he added.

More about the photos

In the two photographs, Nicolas Maduro is wearing a grey tracksuit and making peace signs with his hands. He appears to have lost considerable weight since his capture.

Although the photographs emerged on Sunday, the camera data indicates they were taken on June 25, a day after twin deadly earthquakes killed more than 6,500 people and caused widespread destruction in northern Venezuela.

"We will remain strong, calm and confident: God is with us. God will provide. Venezuela will rise again," Maduro concluded.

The timing

The photos surfaced two days after his successor, interim President Delcy Rodriguez, announced a "historic" oil agreement allowing the United States to operate oil fields in Venezuela

Rodriguez is governing under intense pressure from Washington and says she has "chosen the path of diplomacy" with the United States because she wants Venezuela to become an “energy powerhouse.”

Maduro does not have access to newspapers or the internet in prison, but he is allowed to speak by telephone with his family and lawyers for approximately 300 minutes a month, with a maximum of 15 minutes per call, according to a source quoted by AFP.

His son, Nicolas Maduro Guerra, says he is in good shape and spends his time studying the Bible.

Maduro and his wife's trial in the United States will begin on June 1, 2027, a federal court in New York announced in late July.

ABOUT THE AUTHOR
Shivam Pratap Singh
Shivam Pratap Singh is a digital journalist who works as a Deputy Chief Content Producer with Hindustan Times. Having previously worked with various platforms covering national, international as well as sports events, he blends in various topics to easy to read news pieces for the benefit of the reader. Shivam holds a Master's degree in International Relations from Jamia Millia Islamia, bringing in a unique perspective for whatever is happening around the world. An avid reader, he can be seen immersed in books and book shops while not working. Shivam treats every topic almost equally but loves to right about foreign affairs and politics of India. He has over half-a-decade of experience in digital journalism though his career started in print.Read More

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