The deal with Caracas would shore up U.S. oil supplies for years to come, but could face legal challenges.
Published August 28, 2026
US President Donald Trump’s administration is working on a deal that would secure long-term access to some of Venezuela’s oil reserves, Reuters sources said.
The deal, which insiders said could be signed and made public soon, is expected to allow the U.S. government to secure Venezuelan oil fields to be developed by U.S. companies, thereby guaranteeing supply to the United States.
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“This is a reality and is being discussed at the highest levels of the U.S. and Venezuelan governments,” one of the people said.
Another source said a “lease” was being considered as a legal model to make the deal work, and further auctions or bids would be held among U.S. producers to allocate their fields.
A list of 17 oil fields under negotiation seen by Reuters includes the vast green belt of the Orinoco Belt and mature areas of Lake Maracaibo, some of which are currently operated by small Chinese companies awarded contracts during the administration of former President Nicolás Maduro.
The White House referred questions to the U.S. Department of Energy. Venezuela’s oil ministry, state oil company PDVSA and the energy ministry did not respond to requests for comment. Venezuelan Oil Minister Paula Henao could not be reached for comment.
Caracas is considering leaving the OPEC oil producing group as it strengthens ties with the United States, Bloomberg reported on Thursday. Venezuela, a founding member in 1960, has long failed to meet OPEC quotas because its state-run oil industry has been plagued by neglect and corruption. The US government has long been at odds with OPEC over its influence on oil prices.
Current hydrocarbon regulations in Venezuela, which boasts the world’s largest oil reserves, do not include the leasing of oil fields, and the constitution reserves the core activities of the industry to the state.
Recently amended petroleum laws allow for the operation of oil fields through joint ventures and production sharing agreements. For decades, Venezuela’s government has blocked foreign producers from reserving the country’s oil reserves.
Experts say the full details of the planned deal between Washington and Caracas are not yet clear, but it could raise constitutional questions and face legal challenges.
Since the United States captured former President Nicolás Maduro and ousted him from power in January, the U.S. government has sought to ensure a steady supply of Venezuelan crude oil for U.S. refineries, while also encouraging U.S. investment in the country’s ailing energy industry, which currently produces about 1.25 million barrels of oil per day.
of The Trump administration is under pressure over soaring gasoline prices ahead of November’s midterm elections, but cheaper oil supplies and increased production could ease price increases. The United States is also exploring solutions to replenish the Strategic Petroleum Reserve, a reserve of oil reserved for emergencies, including the possibility of exchanging crude oil with American producers.
Lack of funding and ongoing maintenance of the reserve have limited the administration’s efforts to refill it since the United States used it following Russia’s 2022 invasion of Ukraine and again after the start of the war against Iran in February.
