US Eyes Venezuela's Oil Reserves in Strategic Energy Play

The United States is in advanced talks with Venezuela's interim government to acquire stakes in at least 17 of the country's major oil and gas fields. The deal could unlock approximately 90 billion barrels of proven reserves, nearly one-third of Venezuela's total.

Venezuela claims to have the largest proven oil reserves in the world, with a total of around 300 billion barrels. The Trump administration is reportedly negotiating with Caracas' interim President Delcy Rodríguez and Secretary of State Marco Rubio.

The plan involves joint ventures with private companies or retaining stakes in the fields while having private companies handle day-to-day operations. The goal is to attract new American investment to Venezuela's struggling energy industry, which currently produces around 1.1 million barrels per day.