US Negotiates Long-Term Access to Venezuelan Oil Reserves
By Editor • August 28, 2026 • 1 min read
The Trump administration is advancing negotiations to secure long-term access to Venezuelan oil fields, with insiders indicating that a deal could be finalized soon. This agreement aims to enable American companies to develop certain Venezuelan crude reserves, ensuring a steady supply for the U.S.
According to sources, a leasing arrangement is under consideration as the framework for the deal, which may involve an auction to assign various oil fields to U.S. producers. A list of 17 fields in the Orinoco Belt and Lake Maracaibo is reportedly part of these discussions, some of which are presently managed by a small Chinese firm.
As these talks unfold, Venezuela may be contemplating exiting OPEC, which it joined as a founding member in 1960. The Venezuelan oil sector has faced years of decline and corruption, failing to meet OPEC production quotas. The recent reform of oil legislation could provide a pathway for foreign involvement through joint ventures.
While the full scope of the potential agreement remains unclear, experts suggest it might raise constitutional issues, especially given Venezuela's history of restricting foreign oil investment. Amid rising fuel prices in the U.S., the Trump administration is eager to stabilize crude supplies and support American investments in Venezuela's struggling energy sector.
Source: www.aljazeera.com
