The Secret Terms of Trump’s Venezuelan Oil Deal
Society of Environmental Journalists

(October 22, 2026) — “Some of the Trump administration’s partners could remain anonymous, hidden behind a parent company based in Barbados. The oil deal is designed to prevent future U.S. presidents and Venezuelan leaders from changing or dismantling the enterprise.”

“In late August, President Donald Trump announced what he called the “biggest oil deal in world history.” Since then, the full text of the accord — which grants the U.S. sweeping access to Venezuela’s oil reserves — has been one of the most sought-after secrets in Washington, D.C.

ProPublica has reviewed a copy of the 18-page strategic partnership agreement signed for the United States by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth. The document reveals carefully constructed terms that favor U.S. interests at every turn and cements the power of a small group of people handpicked by the Trump administration to govern and profit from the deal. The role of the Venezuelan government and the potential benefits to its people are largely absent from the text.

One of the most criticized aspects of Trump’s announcement has been his choice of a partner: Alejandro Betancourt, a globe-trotting Venezuelan oligarch who has faced money-laundering investigations in three countries.”

Source: Cate Brown, Aaron C. Davis and Sebastian Rotella report for ProPublica October 20, 2026.