Although Venezuela is no longer the oil power it once was, the country still holds some of the world's largest petroleum reserves. Since the United States removed then-President Nicolás Maduro on January 3, it has reestablished diplomatic relations and is now cooperating with the interim government led by Delcy Rodríguez in Caracas. However, this relationship comes with many conditions: U.S. President Donald Trump has called Venezuela the "51st state" and said the U.S. will "rebuild" the country's oil industry, which currently produces insufficient output.

On August 27, Bloomberg reported that the U.S. is in talks with Venezuela to acquire a significant stake in its oil fields. This would greatly expand the already considerable U.S. control over the industry and its revenues. Below, we explain what you need to know about Venezuela's oil reserves and how the U.S. is seeking access to them.

This development marks a major shift in U.S.-Venezuela relations, moving from confrontation to direct involvement in the country's key economic sector. The potential deal could reshape global oil markets and give Washington unprecedented influence over Venezuelan energy policy.

For now, negotiations are ongoing, and details remain scarce. But the implications are clear: the U.S. is positioning itself to play a central role in Venezuela's oil future, with far-reaching consequences for both nations.