US Seeks Control of Venezuela's Oil Fields Amid Global Supply Crunch
The Trump administration is in talks to secure a major ownership stake in Venezuela's oil fields, which would give the US direct access to a significant chunk of the world's largest proven petroleum reserves.
The negotiations center on more than a dozen productive oil fields containing an estimated 90 billion barrels of proven reserves, roughly one-third of Venezuela's total 300 billion barrels.
The proposed structure involves a long-term lease arrangement that could extend up to 100 years. Under this framework, private American firms would manage the oil fields, with the goal of ramping up production from Venezuela's current output of approximately 1.25 million barrels per day.
A deal could materialize as early as September 2026, though significant hurdles remain around the financial terms, security arrangements, and legal architecture that would govern such a sprawling, multi-decade agreement.