Axios: ‘colossal’ US-Venezuela deal on oil fields imminent
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, which have disrupted global oil supplies and driven up prices, are fuelling the push for the agreement to be signed. The United States’ strategic oil reserves are currently at their lowest level in 40 years. The details are still being finalised, but discussions centre on more than a dozen producing oil fields, not the entirety of Venezuela’s 300 billion barrels of proven reserves. The fields in question can produce up to 90 million barrels of oil per day.
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