US Seeks Control of Venezuela's Oil Reserves in Historic Deal
Venezuela is considering leaving the Organization of the Petroleum Exporting Countries (OPEC) and instead signing a long-term deal with the United States to access its oil reserves. According to sources, the agreement under discussion involves a 100-year lease on several oil fields in Venezuela.
The list of 17 fields includes both undeveloped areas in the Orinoco Belt and fields already under development in the Lake Maracaibo region. Some of these fields are currently being operated by a small Chinese company, with which a contract was signed during the administration of former president Nicolás Maduro.
An American official described the potential deal as 'colossal,' stating that it would more than double US oil reserves by tapping into Venezuela's resources. This acquisition would constitute a virtually unprecedented intervention by the United States in another country's economy, aligning with the so-called Donrow Doctrine put forward by President Donald Trump.
Venezuela has lost its influence within OPEC due to US sanctions and domestic turmoil that have crippled its oil industry. The country produced 1.16 million barrels per day in July, less than half of its output a decade ago. However, production has increased this year.