US in talks with Venezuela to acquire stake in country's oil fields as strategic reserves fall to 40-year-low: Report
US and Venezuela are reportedly nearing a deal for Washington to acquire stakes in over a dozen Venezuelan oil fields, potentially boosting US oil reserves.
The United States is reportedly in negotiations with Venezuela's interim government to acquire stakes in at least a dozen oil fields within the South American nation. According to Axios, two unnamed US officials confirm the two countries are nearing a significant deal. This comes as the US Strategic Petroleum Reserves dropped to approximately 289.7 barrels in August 2026, marking the lowest level since 1982 due to ongoing conflicts in the Middle East and the Strait of Hormuz deadlock.
Officials suggest the agreement could double the current strategic petroleum reserves in the US. The exact number of oil fields to be acquired by the US remains unclear, but the potential deal could involve more than a dozen productive oil fields, capable of producing up to 90 million barrels of oil per day. Both the US and Venezuela see mutual benefits in this deal, with the US gaining control over its energy future while Venezuela could see increased oil revenue through US companies operating within its borders.
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