US Seeks Ownership Stake in Venezuela Oil Fields Amid Global Price Pressure

The US is in talks to secure an ownership stake in Venezuela's oil resources as part of a historic deal that could double the country's oil reserves. The negotiations, led by US Secretary of State Marco Rubio and Venezuela's Acting President Delcy Rodriguez, involve more than a dozen productive oil fields with approximately 90 billion barrels in proven reserves.

The Trump administration aims to emphasize that this arrangement would benefit the Venezuelan people amid concerns about giving away the country's natural resources. The agreement is seen as a key element of the US energy and foreign policy towards the Western Hemisphere, aiming to 'secure the energy future of the Western Hemisphere for generations to come.'

US Energy Secretary Chris Wright is expected to travel to Venezuela next week to discuss ways for US companies to increase oil production in the country. The deal comes as global oil supplies have been disrupted by wars in Iran and Ukraine, contributing to higher prices.