US Eyes Deal to Double Oil Reserves by Acquiring Venezuelan Assets

The United States is reportedly pursuing a "historic" deal with Venezuela to acquire assets and ownership rights in the nation's oil fields, a move that could potentially double U.S. crude oil reserves. Axios, citing two U.S. officials, revealed that the Trump administration is focused on securing stakes in at least a dozen Venezuelan oil fields.

Venezuela possesses the world's largest proven oil reserves, estimated at nearly 300 billion barrels. The agreement, described as "massive" by one official, would grant the U.S. access to these significant resources. The report indicates that the U.S. interest in Venezuelan oil fields predates recent political events, with discussions being held before January 3rd.

This strategic move comes as the U.S. grapples with global oil supply disruptions stemming from conflicts in Ukraine and Iran, which have driven up prices. Furthermore, U.S. domestic oil reserves are at their lowest levels in 40 years. The proposed deal aims to bolster U.S. energy security by tapping into Venezuela's vast, largely untapped potential.

High-level talks are reportedly underway, with Secretary of State Marco Rubio and Venezuela's interim president Delcy Rodríguez leading the discussions. U.S. Energy Secretary Chris Wright is also slated to visit Venezuela next week to negotiate increased oil production by American companies. The deal could also revitalize Venezuela's oil sector, increasing its revenue through private sector involvement, including U.S. companies.