US Seeks Ownership Stake in Venezuela Oil Fields Amid Global Supply Crunch

The US government is in talks with Venezuela's interim government to secure an ownership stake in the country's oil resources, according to two US officials. The discussions involve more than a dozen productive oil fields with about 90 billion barrels in proven reserves.

The potential 'historic' deal could double US oil reserves by giving Washington access to Venezuela's roughly 300 billion barrels of proven reserves, Axios reported. Private companies, including US firms, would develop the fields and generate additional oil revenues for the Venezuelan government.

The negotiations are being led by US Secretary of State Marco Rubio and Venezuela's Acting President Delcy Rodriguez. The administration is seeking to emphasize that the arrangement would benefit the Venezuelan people amid concerns that Rodriguez could face accusations of giving away the country's natural resources to the US.