The Donald Trump administration is reportedly working on a deal to secure long-term access to a portion of Venezuela’s crude reserves, a move that could ultimately lower the cost of Uncle Sam’s oil imports.
The agreement, according to Reuters, could soon be signed and made public, allowing Washington to lock in a group of Venezuelan oilfields for development by American companies. Through the mechanism, the resulting supply would be guaranteed for the United States.
“This agreement 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. Following the announcement, a further auction or tender will allocate each one of the fields among American energy giants.
Venezuela is considering leaving the OPEC oil production group as it strengthens ties with Washington. The Latin American country, 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. If such a move happens, it will be another win for Uncle Sam, who has long clashed with OPEC over oil prices.
Current hydrocarbons regulation in Venezuela does not include acreage leases for oil areas, despite the Constitution reserving the industry’s core activities for the state.
The administration of the Acting President Delcy Rodriguez recently reformed its oil legislation, opening up the domain for foreign companies through joint ventures and production-sharing contracts.
As per the Axios, US Energy Secretary Chris Wright is planning a trip to Caracas as soon as next week.
Since Washington captured and removed former President Nicolas Maduro from power in January 2026, the Trump administration has been trying to secure a stable flow of Venezuelan crude for American refineries while promoting investment into the OPEC country’s deteriorated energy industry, which currently produces some 1.25 million barrels per day of crude.
The Republican government is also under pressure ahead of midterm elections scheduled later this year over rising gasoline prices, which, as per the experts, could be eased through cheaper oil supplies and expanded output.
On top of that, the ongoing Iran war has put pressure on the United States’ Strategic Petroleum Reserve. The White House is looking at options like crude swaps with American producers to refill the reserve.