US nears deal to secure long-term access to Venezuela's oil reserves, sources say

• The deal would use a 'lease' model to lock in a group of Venezuelan oilfields, followed by auctions or tenders to allocate fields among U.S. oil producers
• Negotiations are taking place at the highest levels of both the U.S. and Venezuelan governments, with the U.S. currently overseeing Venezuela's oil exports
• Neither the White House, U.S. Department of Energy, Venezuela's oil ministry, nor state oil company PDVSA provided immediate comment on the reported negotiations

Market Summary: US-Venezuela Oil Access Deal

Key Developments

The Trump administration is negotiating a deal to secure long-term U.S. access to Venezuelan oil reserves, with an agreement potentially being announced soon, according to sources familiar with the discussions.

Deal Structure

• The arrangement would grant the U.S. government control over specific Venezuelan oilfields for development by American companies
• A "lease" model is under consideration as the legal framework
• Fields would be allocated to U.S. producers through an auction or tender process
• Resulting oil supply would be guaranteed for the United States

Parties Involved

• U.S. side: Trump administration officials, Department of Energy
• Venezuelan side: Venezuelan government, state oil company PDVSA, Oil Minister Paula Henao
• Discussions occurring "at the highest levels" of both governments

Market Implications

This agreement could:

• Provide U.S. energy companies with access to Venezuela's substantial crude reserves
• Secure a dedicated oil supply stream for the United States
• Mark a significant shift in U.S.-Venezuela relations and energy policy
• Impact global oil markets by potentially bringing Venezuelan production under U.S. oversight

Status

The deal framework is actively being negotiated, with sources indicating it is "real" and could be finalized and made public in the near term. Neither the White House, Department of Energy, nor Venezuelan officials provided immediate comment on the negotiations.

Date: August 27, 2026