US Nears Deal for Long-Term Access to Venezuela’s Oil Reserves

The United States is reportedly working toward an agreement that would grant American companies long-term access to a portion of Venezuela’s crude reserves, a move officials hope could eventually help lower oil import costs.

Structure of the Proposed Deal

Sources familiar with the discussions say the arrangement would let Washington secure a set group of Venezuelan oilfields for development by US firms, guaranteeing supply for the United States. A leasing model is reportedly being considered, potentially followed by a bidding process to divide the fields among American producers. Around 17 fields are said to be under discussion, spanning both untapped areas and older production zones.

Legal and Political Hurdles

Because Venezuela’s constitution reserves core oil operations for the state, experts say the deal could face legal and constitutional challenges. Meanwhile, Venezuela is reportedly weighing an exit from OPEC as it deepens ties with Washington.

Broader Context

The push follows Washington’s efforts to stabilize Venezuelan oil flows and rebuild the US strategic reserve amid rising gas prices ahead of upcoming elections.