US nears deal to secure long-term access to Venezuela’s oil reserves, sources say

Trump administration officials are actively negotiating an agreement to secure long-term access to Venezuela's extensive crude oil reserves, according to sources familiar with the discussions. The arrangement would allow the U.S. government to lock in specific Venezuelan oilfields for development by American energy companies, with the resulting oil supply guaranteed directly for the United States. The framework under consideration may utilize a leasing structure as the legal mechanism, followed by auctions or tenders to allocate designated fields among U.S. oil producers. Negotiations are reportedly occurring at the highest levels between Washington and Caracas, potentially reshaping international energy flows and securing a stable source of heavy crude for Gulf Coast refineries. While the White House referred inquiries to the U.S. Department of Energy, and Venezuelan officials along with state-run PDVSA have not yet commented publicly, market participants are watching closely. A finalized deal could alter global crude supply dynamics, enhance U.S. energy security, and provide commercial opportunities for American exploration and production firms.