Trump eyes US stake in Venezuela’s vast oil reserves

President Donald Trump's administration is reportedly in talks with Venezuela's interim government regarding the United States acquiring a stake in the South American nation's extensive oil reserves, according to Axios. Axios cites two unnamed US officials, stating that the negotiations encompass more than a dozen active oil fields that harbor 90 billion barrels of proven reserves, constituting around a third of Venezuela's total proven reserves of 300 billion barrels.

In exchange for a US ownership share, private entities, including American firms, would be tasked with developing the fields and returning increased oil revenue to Venezuela.

Venezuela stands as the country with the world's largest proven oil reserves. This deal would more than double US oil reserves at a time when the US strategic petroleum reserve is at a 40-year low, as per Axios. The Trump administration has not yet commented on the matter following a request for information from AFP. Following the US' military ousting of former Venezuelan leader Nicolas Maduro eight months ago, interim president Delcy Rodriguez has been striving to open Venezuela to foreign investment, particularly in the energy sector, under considerable pressure from Trump, who seeks to assume control over the country's oil industry.

The Trump administration has been encouraging US companies to invest in Venezuela, but they remain cautious due to the country's deteriorated infrastructure and past appropriation of assets by the government in Caracas from foreign investors. Chevron, the sole US oil company still operating in Venezuela at the time of Maduro's removal, reported in July that it had increased daily crude production to 280,000 barrels and aims to boost output by 50% by the close of 2028.