The United States administration is nearing an agreement that would grant long-term access to some of Venezuela's vast crude oil reserves, according to sources familiar with the matter. The proposed pact would allow U.S. companies to develop selected Venezuelan oilfields, with the resulting oil supply being guaranteed for the United States.

This potential deal comes as Venezuela, a founding member of OPEC since 1960, is reportedly considering leaving the oil cartel as it strengthens ties with the U.S. The nation's oil industry has suffered for years due to neglect and corruption, leading it to consistently miss OPEC production quotas.

Sources indicated that the agreement is being discussed at the highest levels of both the U.S. and Venezuelan governments. One proposed legal framework for the deal involves a "lease" model, potentially followed by an auction or tender process to assign specific fields to U.S. producers. A list of 17 fields under negotiation reportedly includes both undeveloped areas in the Orinoco Belt and mature fields near Lake Maracaibo.

The implications of such a deal could be significant for global oil markets and U.S. energy security. By securing direct access to Venezuelan reserves, the U.S. could bolster its domestic oil supplies for years to come, potentially influencing global energy prices and reducing reliance on other sources.

However, the agreement may face legal hurdles. Venezuela's current oil regulations do not explicitly include acreage leases for oil areas, and the constitution reserves core oil industry activities for the state. While recent reforms allow for operations through joint ventures and production-sharing contracts, the specifics of this prospective deal remain unclear and could challenge existing legal frameworks.

The White House has deferred questions to the U.S. Department of Energy, while Venezuela's oil ministry, state oil company PDVSA, and the Energy Department did not immediately respond to requests for comment. The Venezuelan oil minister, Paula Henao, could not be reached.

Some of the fields under consideration are currently operated by a small Chinese firm whose contract was signed during the administration of former President Nicolas Maduro. The details of how these existing arrangements might be affected are not yet public.

This development follows reports that U.S. refineries are already taking in half of Venezuela's oil output, indicating a growing economic relationship between the two nations, despite historical political tensions.