Axios: US and Venezuela close to a ‘colossal’ deal on oil fields
The agreement would double US oil reserves, drawing on a country that possesses the world’s largest proven reserves
(Il Sole 24 Ore Radiocor) - The Trump administration is reportedly close to finalising a deal with Venezuela’s interim government to acquire a share of the South American country’s vast oil reserves, according to two US officials who spoke to Axios. This deal would double US oil reserves, drawing on a country that possesses the world’s largest proven reserves. “To call this deal huge would be an understatement,” said one of the officials. “It is colossal.”
The wars in Iran and Ukraine are contributing to the push for the agreement to be signed, as they have disrupted global oil supplies and driven up prices. The US strategic oil reserves are currently at their lowest level in 40 years. The details are still being finalised, but the discussions concern more than a dozen producing oil fields, not the entirety of Venezuela’s 300 billion barrels of proven reserves. According to Axios, the fields at the centre of the negotiations contain around 90 billion barrels of proven reserves – nearly a third of Venezuela’s 300 billion barrels – and a quantity that could more than double the oil reserves attributable to the United States.
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