This week, the United States and Venezuela signed an oil agreement in Caracas that could mark the beginning of a new chapter for the country’s oil industry.

Venezuelan oil, U.S. control

The news comes as a U.S.-backed company is set to receive a 100-year concession over 17 Venezuelan oil fields. These fields hold an estimated 65 billion barrels of crude oil.

Venezuela holds the world’s largest proven oil reserves, with more than 300 billion barrels underground. However, years of underinvestment and deteriorating infrastructure have kept production well below its potential.

The latest agreement could begin to change this situation. This new chapter could bring fresh capital, as well as technology and expertise, into a sector that has spent years operating at a fraction of its potential.

Venezuela is unlikely to reclaim its status as an energy powerhouse overnight. But if new investment begins to flow, one of Latin America’s sleeping economic giants may finally be starting its comeback.

LATAM by numbers

  • In 2026, Venezuela won its first-ever World Baseball Classic, defeating the United States 3–2 in the final in Miami.
  • More than 450 Venezuelan-born players have reached Major League Baseball (MLB).
  • Venezuelan legend Miguel Cabrera is one of only seven players in MLB history to record both 3,000+ hits and 500+ home runs.
  • Angel Falls, located in Venezuela’s Canaima National Park, is the world’s highest uninterrupted waterfall, dropping 979 meters (3,212 feet).
  • Venezuela was one of the five founding members of OPEC in 1960, alongside Iran, Iraq, Kuwait, and Saudi Arabia.

International expansion into LATAM is driven by the region’s potential as an economic alternative to the world’s major powers. As anticipation grows around the development of the Venezuelan economy, entering the Latin American market is an attractive option for many investors in technology, agriculture, energy, and other sectors.

Consult our experts to help you enter the Latin American market alongside your multinational group.

Autor/a:

Manrique Blen

VP – Head of BD & AM Miami Hub

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