US-Venezuela Oil Agreement Sparks Investment Hope, But Questions Linger Over When Citizens Will See Relief

US Energy Secretary Chris Wright and Venezuelan acting President Delcy Rodriguez recently shook hands at a press conference in Caracas, Venezuela, following the signing of an agreement between US oil major Chevron and government officials to expand operations.

The enormous investments promised from the new US and Venezuelan oil production deal have brought cautious optimism that Venezuelans may face a new period of prosperity after more than a decade of economic and social turmoil. As the country with the world’s largest proven reserves of crude oil, some analysts expect Venezuela to reap some benefits from foreign investment even before production increases.

However, analysts warn that the biggest economic gains will take time to unfold, and it remains unclear when the general population will actually feel the effects. Some residents fear the US will extract the greatest profits and leave little behind, while the Venezuelan opposition has questioned the current government’s ability to manage these new investments transparently.

The US government signed the deal with Venezuelan company North American Blue Energy Partners (NABEP) to develop 17 oil fields estimated to hold about 65 billion barrels of crude. US President Donald Trump called the agreement historic, noting it allows the US to purchase 20 percent of the production at cost. Additional energy project agreements were also signed by several international firms.

Venezuelan opposition leader María Corina Machado backed Washington’s role in developing the reserves but argued the US needs a more competent partner than the current government, which she termed an illegitimate regime. Experts have likewise highlighted limited information release and discrepancies between Washington and Caracas regarding concession durations.

Economist Manuel Sutherland, director of the Center for Workers’ Research and Education, warned that capital inflow could distort the economy without new monetary and exchange-rate structures. Furthermore, energy infrastructure must be rebuilt or constructed. Venezuelan economist Luis Vicente León, president of Datanálisis, noted that undeveloped oil fields and a deficient electrical system require billions in resources, technology, and time—potentially five to 10 years for full development.

Despite these monumental challenges, residents like Erasmo Rojas and Gian Gómez remain caught between hope for a transitional phase and concern over long-standing issues like unreliable public services and daily suffering.