US nears deal to secure long-term access to Venezuela's oil reserves, sources say

Another example of the commitment of Venezuela's Bolivarian regime to 
"anti-imperialism".


*US nears deal to secure long-term access to Venezuela's oil reserves, 
sources say*

By Marianna Parraga 
<https://www.reuters.com/authors/marianna-parraga/>and Jarrett Renshaw 
<https://www.reuters.com/authors/jarrett-renshaw/>, August 27, 2026, 
https://www.reuters.com/business/energy/us-nears-deal-secure-long-term-access-venezuelas-oil-reserves-sources-say-2026-08-27/ 
<https://www.reuters.com/business/energy/us-nears-deal-secure-long-term-access-venezuelas-oil-reserves-sources-say-2026-08-27/>

HOUSTON/WASHINGTON, Aug 27 (Reuters) - Trump administration officials 
are working on a deal to secure long-term access to a portion of 
Venezuela's crude reserves, sources with knowledge of the negotiations 
said on Thursday, a move that could ultimately lower the cost of oil 
imports.

The agreement, which could be signed and made public soon, is expected 
to operate in a way that would let the U.S. government lock in a group 
of Venezuelan oilfields to be developed by American companies, the 
sources said, adding that the resulting supply would be guaranteed for 
the United States.

"This is real and being discussed at the highest levels of the U.S. and 
Venezuelan governments," one of the sources said.

A separate source said a "lease" was in consideration as the legal model 
⁠to make the deal work, with a further auction or tender to allocate 
each one of the fields among U.S. producers.

A list of 17 fields in negotiation seen by Reuters includes green fields 
in the vast Orinoco Belt combined with mature areas in Lake Maracaibo, 
some of which are currently operated by a small Chinese firm whose 
contract was signed during Maduro's administration.

The White House referred questions to the U.S. Department of Energy. 
Venezuela's oil ministry, state oil company PDVSA and the Energy 
Department did not immediately reply to requests for comment. Venezuelan 
oil minister Paula Henao could not be reached for comment.

Venezuela is considering leaving the OPEC oil production group as it 
strengthens ties with the U.S., Bloomberg reported late on Thursday. 
Venezuela, which joined the group as a founding member in 1960, has not 
met OPEC quotas for years as its state-run oil industry suffered from 
neglect and corruption. The U.S. has long been at odds with OPEC for its 
influence on oil prices.

Current hydrocarbons ⁠regulation in Venezuela, which has the world's 
largest crude reserves, does not include acreage leases for oil areas, 
while the Constitution reserves the industry's core activities to the state.

*CHALLENGES*

Recently reformed oil legislation allows oilfield operation through 
joint ventures and production-sharing contracts. For decades, the 
Venezuelan government has prevented foreign producers from booking the 
country's oil reserves.

While full details of the prospective deal between Washington and 
Caracas have yet to emerge, it could raise constitutional questions and 
face legal challenges, according to ​experts.

Axios first reported on the talks ​on Thursday and said U.S. Energy 
⁠Secretary Chris Wright is planning a trip to Caracas as soon as next week.

Since the U.S. captured and removed former President Nicolas Maduro from 
power in January, Washington has been trying to secure a stable flow of 
Venezuelan crude ​for U.S. refineries while promoting American 
investment into the OPEC country's deteriorated energy industry, which 
currently produces some 1.25 million barrels per ⁠day of crude.

President Donald Trump's administration is under pressure ahead of 
midterm elections scheduled later this year over rising gasoline prices, 
which could be eased through cheaper oil supplies and expanded output. 
The U.S. also has been looking for solutions to replenish its Strategic 
Petroleum Reserve, the oil stockpile, including the possibility of crude 
⁠swaps with U.S. producers.

The SPR currently holds about 290 million barrels in underground salt 
caverns, about 41% of ​its total capacity. Funding shortages and ongoing 
maintenance at the reserve have limited the administration's efforts to 
refill it after the U.S. tapped it following Russia's invasion of 
Ukraine in 2022 and ​then again after the Iran war began in February.

Reporting by Marianna Parraga in Houston and Jarrett Renshaw in 
Washington; Editing by Nathan Crooks and Lisa Shumaker



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