The United States is reportedly in talks with the interim government of Venezuela to acquire ownership stakes in at least a dozen oil fields in the South American country.
The Axios reported Thursday citing two unnamed US officials, that the two countries are close to signing the “massive” deal.
This story is being updated. The details remain in discussion between the two countries, and the exact number of oil fields to be acquired by Washington is unclear. “It is massive.
The murmurs of the deal in Washington come as the US Strategic Petroleum has fallen to approximately 289.7 barrels in August 2026. It is the lowest since 1982, amid the ongoing crisis in the Middle East and the Strait of Hormuz deadlock.
The officials cited in the report said that the deal will “more than double” the current strategic petroleum reserves in the United States. But the report notes that it could involve “more than a dozen productive oil fields” which can produce “as many as 90 million barrels of oil a day. “Calling this deal huge would be an understatement,” an official cited in the report said.
