US Nears Deal to Secure Long-Term Access to Venezuela Oil Reserves

The Trump administration is negotiating an ownership stake in Venezuelan oil fields, two officials told Axios. The fields in question hold 90 billion barrels of proven reserves.

• 90 billion barrels of proven reserves are covered in the current discussions.
• More than a dozen productive fields, many long underexploited, are under discussion.
• The Strategic Petroleum Reserve fell below 300 million barrels — the lowest since January 1983.
• 172 million barrels were released from the SPR in March as the Iran war continued.

Why it matters: U.S. energy reserves are under strain from wars in Iran and Ukraine, which have disrupted global oil supplies and closed the Strait of Hormuz.

• The SPR held roughly 415 million barrels before the Iran war began in late February.
• Existing oversight of Venezuelan oil revenue remains unclear months after the U.S. pledged audits and monthly budget reporting.

How 16 sources split on this story

Where they split: Center coverage emphasizes unresolved transparency questions about Venezuelan oil revenue; right-leaning coverage frames the potential deal as a strategic and legacy-defining achievement.

What’s next: Negotiations are ongoing; no final agreement has been announced by either government.

• The Strait of Hormuz is not expected to reopen fully any time soon, per current reporting.
• Will the U.S. and Venezuela formalize an agreement, and on what legal and financial terms?
• Will existing audit and revenue-tracking commitments produce public results before any new deal is signed?
• How will China and other former stakeholders in the fields respond to a U.S. ownership arrangement?