Scoop: U.S. close to striking "massive" deal for Venezuelan oil fields

U.S. officials are close to finalizing a significant deal with Venezuela's interim government to acquire ownership stakes in the nation's vast oil resources, according to Axios. This historic agreement would more than double U.S. oil reserves by tapping into a country boasting the world's largest proven reserves. One official emphasized the sheer magnitude of the deal, calling it "massive."

The urgency to finalize the agreement is heightened by ongoing conflicts in Iran and Ukraine, which have disrupted global oil supplies and driven prices up. The U.S. Strategic Petroleum Reserve currently stands at a 40-year low.

Discussions are centered around more than a dozen productive oil fields, not all of Venezuela's 300 billion barrels of proven reserves. These fields, capable of producing up to 90 million barrels of oil daily, were previously under the control of former Venezuelan insiders, including some indicted, and Chinese interests. Venezuela's government would receive private investment from American companies in exchange for granting the U.S. ownership stakes in the fields.

The deal is seen as a defining moment for President Trump, who has prioritized U.S. energy security and dominance in the Western Hemisphere.

Trump's goal is to secure America's energy future, not just for the U.S. but for the entire hemisphere. The talks have been led by Secretary of State Marco Rubio and acting Venezuelan President Delcy Rodriguez. Energy Secretary Chris Wright is considering a trip to Venezuela next week to discuss further plans for boosting oil production by U.S. firms. While the final negotiations are still in progress, the administration is mindful not to appear as if they are unfairly benefiting from Venezuela's natural resources.