Trump Administration Negotiates US Stake in Venezuelan Oil Fields

The Trump administration is in talks with Venezuela regarding a potential ownership stake in the country's oil fields, as reported by Axios. This proposed deal could cover more than a dozen oil fields, which are capable of producing up to 90 million barrels of crude oil daily, effectively doubling US oil reserves.

Such an agreement would enhance Washington's involvement in Venezuela's oil sector and could signal a move away from the dominance of the state-owned oil company, PDVSA. These fields were previously managed by Venezuelan insiders and interests linked to China.

Discussions about acquiring a stake in Venezuela's oil resources reportedly began before US forces captured President Nicolás Maduro. Secretary of State Marco Rubio is leading negotiations with Venezuela's acting president, Delcy Rodríguez.

Venezuela's Potential Exit from OPEC

In parallel, Venezuela is contemplating leaving OPEC, which it helped establish in 1960. This consideration arises as the US seeks long-term leasing arrangements for Venezuelan oil fields, a process that could be simplified by exiting OPEC's production constraints.

The UAE's recent departure from OPEC and OPEC+, effective May 1, 2026, highlights a shift in the cartel's membership. Should Venezuela follow suit, it would mark a significant change for an organization that has struggled with production limits amid the country's political turmoil and economic challenges.

Venezuela, despite possessing the world's largest proven oil reserves, currently produces only about 1 million barrels per day due to years of sanctions and underinvestment. The negotiations focus on leasing specific oil fields to American companies for long-term development, a strategy that gained momentum following the ousting of Maduro in January 2026, which enhanced US leverage over Venezuelan oil sales.

While Venezuela is currently exempt from OPEC+ production quotas due to its low output, any increase in production through US partnerships would eventually conflict with OPEC's regulatory frameworks. President Trump previously suggested that remaining within OPEC might be beneficial for Venezuela, although this stance appears to have shifted as leasing talks have progressed.