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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