The Trump administration is negotiating with Venezuela for a direct ownership stake in over a dozen oil fields containing approximately 90 billion barrels of proven reserves. These fields could effectively double America’s proven oil reserves at a time when the Strategic Petroleum Reserve sits at its lowest level in four decades. US Secretary of State Marco Rubio is leading the American side of the discussions while Venezuela’s interim president Delcy Rodríguez represents the Venezuelan government. Energy Secretary Chris Wright has a planned visit to Caracas aimed at working through the logistics of the arrangement. The proposed structure would allow American companies to operate the fields while generating revenue for the Venezuelan government, though no final agreement has been reached.
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