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

Live updates

1. 1h ago

   US nearing deal for long-term access to Venezuela's oil reserves

   The US is close to securing a deal for long-term access to Venezuela's vast oil reserves, with President Donald Trump announcing an agreement on August 28. The deal targets 65 billion barrels of oil across 17 fields, but details remain scarce and analysts say it won't immediately impact crude oil or gas prices due to infrastructure hurdles.

   Why it matters

   This development has significant implications for the US energy landscape and global oil markets. The agreement aims to secure long-term supplies, but its impact on consumers and the environment remains uncertain. Venezuela's oil reserves are substantial, and accessing them could reshape US energy policy.

   What is confirmed

   • The agreement targets 65 billion barrels of oil across 17 different fields.
   • No text of any agreement has been released.
   • It's not publicly known how soon the reserves could be drilled and who will pay to make it happen.

   Still unconfirmed

   • President Donald Trump's plan to use the proceeds to replenish America's diminished emergency energy supplies remains a head-scratcher.

   What to watch next

   • Release of the agreement's text
   • Details on infrastructure development and drilling timelines
   • Impact on US gas prices
   Sources used for this update (4)

   1. economictimes.indiatimes.com — Indian Rupee
   2. www.bostonherald.com — What we know about Trump’s deal giving US access to vast oil reserves in Venezuela
   3. www.cnn.com — Why Venezuela probably won’t solve America’s emergency oil problem
   4. www.deseret.com — The latest on the U.S.-Venezuela oil deal
   confidence 70%
2. 2d ago

   Trump secures deal for access to Venezuelan oil reserves

   President Donald Trump announced an agreement on August 28 giving the United States a stake in Venezuela's oil reserves. Trump described the pact as "THE BIGGEST OIL DEAL IN WORLD HISTORY." The agreement targets 65 billion barrels of oil across 17 different fields. While the deal aims to secure long-term supplies, analysts note it will not immediately lower crude oil or gas prices for consumers due to significant infrastructure hurdles. The White House has provided few details beyond the president's social media announcements.

   Why it matters

   Venezuela holds the largest oil reserves in the world. This deal follows previous reports that the US sought long-term access to bolster domestic supplies. Legal challenges to the pact remain a possibility.

   What is confirmed

   • President Donald Trump announced a deal on August 28 giving the US a stake in Venezuela's oil reserves.
   • Trump referred to the agreement as "THE BIGGEST OIL DEAL IN WORLD HISTORY".

   Still unconfirmed

   • The deal targets 65 billion barrels across 17 fields.
   • The deal will not immediately lower oil and gas prices at the pump.

   What to watch next

   • White House release of specific contract terms
   • Reports on infrastructure plans to extract the targeted 65 billion barrels
   • Legal filings challenging the validity of the pact
   Sources used for this update (5)

   1. apnews.com — What we know about Trump’s deal giving US access to vast oil reserves in Venezuela
   2. www.forbes.com — What U.S.-Venezuela Oil Deal Is — And Is Not — About
   3. www.bnnbloomberg.ca — Trump calls Canada one of the ‘worst abusers,’ saying he doesn’t want ‘Canadian anything’ in latest Truth Social post
   4. www.wlrn.org — What we know — and don't know — about Trump's deal giving US access to Venezuela's vast oil reserves
   5. www.yahoo.com — Trump just brokered a deal with the country sitting atop the world’s largest oil reserves
   confidence 80%
3. 4d ago

   US nears deal for long-term access to Venezuela's oil reserves

   The US is close to striking a deal with Venezuela to secure long-term access to the country's oil reserves, which could bolster US oil supplies for years to come. The talks involve multiple producing oil fields with significant proven reserves. A pact with Caracas may face legal challenges.

   Why it matters

   The US is seeking to secure oil supplies as global tensions, including wars in Iran and Ukraine, strain the market. Venezuela, a member of OPEC, has significant oil reserves that could help meet US energy needs. The country has been deepening ties with the US in recent months.

   What is confirmed

   • The US is close to striking a "massive" deal for Venezuelan oil fields.
   • The talks involve more than a dozen producing oil fields with about 90 billion barrels of proven reserves.
   • A pact with Caracas would bolster US oil supplies for years to come.
   • Venezuela is considering an exit from OPEC as it deepens ties with the US.

   Still unconfirmed

   • The deal gives US control of 65 billion barrels of oil.

   What to watch next

   • The finalization of the deal between the US and Venezuela
   • Any official statements from the US or Venezuelan governments regarding the deal
   • Potential legal challenges to the deal
   Sources used for this update (9)

   1. Axios — Scoop: U.S. close to striking "massive" deal for Venezuelan oil fields
   2. Bloomberg.com — US in Talks With Venezuela to Take Major Stake in Oil Fields
   3. Bloomberg.com — Venezuela Weighs OPEC Exit After Decades as It Deepens US Ties
   4. WSJ — Trump Administration in Advanced Talks for Stake in Venezuelan Oil Fields
   5. Reuters — US nears deal to secure long-term access to Venezuela's oil reserves, sources say
   6. Al Jazeera — US nears deal to secure stake in Venezuelan oil fields, insiders say
   7. san.com — US eyes stake in Venezuelan oil as wars in Iran, Ukraine strain supplies: Report
   8. www.yahoo.com — US nears deal to secure stake in Venezuelan oil fields, insiders say
   9. www.usatoday.com — Trump says Venezuela deal gives US control of 65 billion barrels of oil
   confidence 70%