“It Is Massive” – US In Talks For Massive Venezuela Oil Deal
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The Trump administration’s foreign policy is working.
The United States is now talking with the government in Venezuela about taking a stake in the country’s massive oil reserves.
If the deal is reached, it would more than double the oil reserves of the United States.
One official is calling the deal “massive.”
The Trump administration is in talks with Venezuela’s interim government about taking an ownership stake in the South American country’s enormous oil resources, two U.S. officials tell Axios.
Why it matters: The historic deal would more than double U.S. oil reserves by drawing from a country that has the world’s largest proven reserves.
“Calling this deal huge would be an understatement,” one of the officials said. “It is massive.”
Adding pressure to get the deal signed: the wars in Iran and Ukraine, which have disrupted global oil supplies and raised prices.
The Biden administration drew down the nation’s Strategic Petroleum Reserve significantly during its time in office.
The SPR held 637 million barrels when Biden took office.
By the time he left office, that number had fallen to just 394 million barrels.
Data from the Energy Information Administration (EIA) showed that drawdowns in recent years have left the SPR at its lowest level since 1983. When Trump began his first term in 2017, there were 695 million barrels in the SPR, and it contained 637 million barrels when Biden took office four years later in 2021.
The Biden administration authorized historic releases from the SPR in an effort to curb high prices for consumers as inflation rose and global energy markets experienced disruptions from Russia’s invasion of Ukraine as well as conflict in the Middle East. That left the SPR at a 40-year low of about 347 million barrels in the summer of 2023. As of Jan. 10, 2025, the SPR had 394 million barrels of oil in its inventory.
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