Reports this week that Washington is preparing to claim a large stake in Venezuela’s oil and gas reserves have drawn sharp objection from opposition figures, who called the plan “predatory” and “unconstitutional.”
Several media outlets reported that the administration of US President Donald Trump hopes to secure long-term access to the South American country’s energy fields. The reserves are among the largest proven crude deposits in the world.
The reporting follows a period of direct US involvement in Venezuela. Washington detained the country’s authoritarian leader, Nicolás Maduro, in January and has held effective sway over the country since.
Critics said any arrangement granting a foreign government a controlling interest in national resources would breach Venezuela’s constitution, which places the nation’s hydrocarbons under state ownership. They argued no transitional authority holds legitimacy to sign away such assets.
The energy question carries weight beyond Caracas. US diesel prices reached $5.65 in the period covered by the reports, and access to Venezuelan heavy crude has long been prized by Gulf Coast refineries configured to process it.
Venezuela sits atop proven reserves that exceed those of Saudi Arabia by some measures, though years of underinvestment and sanctions have cut output far below capacity. Restoring production would require substantial foreign capital and technical expertise.
China has been a major creditor and buyer of Venezuelan crude, and Chinese state firms have already weighed their exposure to the country’s shifting political situation. Any US claim on the reserves would complicate those existing commitments.
Opposition voices warned that a resource deal negotiated under the current arrangement would lack domestic legitimacy and could be challenged by any future elected government. They framed the reported plan as an attempt to lock in access before Venezuela’s political future is settled.
The White House has not confirmed the terms of any proposed stake. Details of the reported negotiations, including the size of the interest sought and the counterparties involved, have not been publicly disclosed.
No formal agreement has been announced.