US close to reaching a ‘massive’ deal to take control of Venezuela’s oil: report

Key Points:

• The U.S. is reportedly close to finalizing a major deal granting long-term access or ownership stakes in Venezuelan oil fields containing proven reserves of 90 billion barrels, described by officials as "massive."
• High-level discussions between the U.S. and Venezuelan governments have taken place, with the deal potentially structured as a lease followed by auctions or tenders for U.S. producers.
• Since a January raid that captured Venezuelan leader Nicolás Maduro, the U.S. has managed Venezuelan oil sales and announced plans for at least $100 billion in investments to rehabilitate the country's degraded oil infrastructure.
• The Trump administration claims to have collected over $13 billion from Venezuelan oil sales, with proceeds audited by KPMG and held in a Citibank account, while temporary sanctions relief has been granted to facilitate U.S. business in Venezuela's oil sector.
• Introducing Venezuelan oil into U.S. markets could help lower fuel prices ahead of the midterm elections, although the administration has previously promoted optimistic international deals that did not fully materialize.