The United States is negotiating leases on 17 Venezuelan oil fields representing approximately 90 billion barrels of proven reserves, nearly a third of the country’s global oil reserves. Secretary of State Marco Rubio is leading the US side of negotiations with Venezuelan acting President Delcy Rodríguez, following the ouster of Nicolás Maduro in January 2026. The proposed agreement could extend up to 100 years under a lease model guaranteeing output to American companies. Venezuela’s oil production has climbed by roughly 300,000 barrels per day to around 1.25 million bpd, with about half flowing to the US market. American companies SLB and Hunt Oil signed contracts with PDVSA in August 2026, marking the return of US oil companies to Venezuelan territory.
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