US Seeks Stake in Venezuela's Oil Fields Amid Global Supply Strains

The Trump administration is considering taking an ownership stake in Venezuelan oil fields to boost US oil supplies. The talks involve more than a dozen producing oil fields with about 90 billion barrels of proven reserves, making Venezuela's current reserve the world's largest.

Details are still being worked out, but Axios reports that private companies, including American firms, would help develop the fields in exchange for increased oil revenue going back to Venezuela. Secretary of State Marco Rubio and Venezuela's acting president, Delcy Rodriguez, have been leading the talks.

The US is seeking more oil due to strained global supplies caused by wars in Iran and Ukraine, with the Strategic Petroleum Reserve at its lowest level in over four decades, falling below 300 million barrels this month. Energy Secretary Chris Wright could travel to Venezuela as soon as next week.