US Nears Long-Term Deal for Venezuelan Oil Access
The Trump administration is reportedly finalising a deal for long-term access to Venezuelan oil reserves, potentially involving 17 oilfields. The agreement may allow American companies to develop these fields under a lease model, which could last for 100 years. Venezuela, facing economic challenges and considering leaving OPEC, currently produces about 1.25 million barrels of crude oil per day. The deal aims to secure a stable oil supply for the US, which is under pressure to reduce rising gasoline prices ahead of the midterm elections. However, the proposed agreement may face legal challenges and constitutional questions regarding foreign investment in Venezuela's oil sector.
Published 1 day ago • 28 Aug 2026, 08:20 AM IST