The U.S. government appears to be moving towards taking an outsized role in Venezuela’s vast national oil industry. Building on the early January military operation that removed Venezuelan President Nicolas Maduro from power, the U.S. is trying to make good on its commitment to be more involved in the Venezuelan oil trade.
Trump’s push for a larger U.S. role in Venezuelan oil
As part of the plans being reported in U.S. and global media, the Trump administration would take a long-term stake in Venezuela’s oil fields. And some of the largest oil companies are being recruited to join in on the deal, by President Donald Trump.
How the plan would work is still being finalized. But early conversations point to the U.S. acquiring long-term contracts for up to one-third of proven Venezuelan oil reserves. In return, some major energy companies would collaborate with U.S. leadership to make the endeavor successful. If the deal were to pass, it would unlock as much as 90 billion barrels of oil.
Although the deal sounds like a good one for the U.S. on paper, there will be challenges, including the fact that some of the vast oil fields discussed under the nascent proposal lack infrastructure needed to move the oil onto global markets. Therefore, the U.S. and energy companies would have to invest in that infrastructure. Venezuela’s oil fields have experienced neglect over the past few decades since former Venezuelan leader Hugo Chavez took power nearly 25 years ago.
Venezuela’s political opposition opposes the deal, and some constitutional changes may need to be made before the deal can be finalized with the U.S. But domestic pressures in the U.S. and in Venezuela could help prospects for the deal.
Why the U.S. is making the push for Venezuelan oil now
President Trump is under pressure to solve oil shortages. Amid the U.S.-Iran war, the U.S. Strategic Petroleum Reserve (SPR) has been utilized for several months. Supplies in the SPR need to be replenished in order to preserve them for a future crisis. Trump also wants to reduce gasoline prices, which have dramatically increased since the start of the war in late February 2026.
How the U.S.’s new Venezuela move can move global energy markets
Since removing Maduro from Venezuelan leadership, the U.S. has eyed a large role in Venezuelan oil trade. After months of talks and stalemate, Venezuela appears open to leaving OPEC, the global oil group, which it has been a member of since the 1960s.
If Venezuela leaves OPEC, it will mark a big shake-up of the U.S.’s role in global oil markets. The U.S. will have more control over selling the oil globally, which will give it a larger role in the overall energy trade. Additionally, OPEC countries may not sell as much oil to the U.S., if the U.S. can rely more on Venezuelan oil for its day-to-day energy needs.
What comes next
The Trump administration still has to finalize the agreement with current Venezuelan leadership and presumably get the buy-in of the country’s political opposition. There is skepticism in both countries that the deal will get done, but the both countries are under pressure so the chances are better than they’ve been this year to-date.
