US nears deal for access to 17 Venezuelan oil fields
Why it matters: The plan could guarantee crude for US refineries, but it may face legal and constitutional challenges in Venezuela.
Trump administration officials are working on an agreement that would give the United States long-term access to part of Venezuela’s oil reserves, with 17 fields under negotiation, according to people familiar with the talks. The arrangement under consideration could let American companies develop a mix of Orinoco Belt and Lake Maracaibo fields, with supply earmarked for the US market. Reuters reported a lease model is being weighed, followed by an auction or tender for producers. The proposal could be signed soon, but it would test Venezuela’s legal framework because the constitution reserves core oil activities to the state. Venezuela currently pumps about 1.25 million barrels a day.