Trump Leaves Venezuela's OPEC Exit Decision Up in the Air

US President Donald Trump has said it's up to Venezuela to decide whether to leave the Organization of Petroleum Exporting Countries (OPEC), which it has been a part of for over 60 years.

The statement came after a report that Venezuela was considering leaving OPEC, following the UAE's withdrawal just months ago.

Washington has maintained strict oversight of Venezuela's oil industry since US forces captured then-President Nicolas Maduro in January. Since then, both countries have signed a major oil supply pact involving global trading houses to boost Venezuela's crude exports to the US.

Trump also announced that the US will lock in 17 large oilfields in Venezuela containing some 64 billion barrels of proved crude reserves, which is nearly a fifth of the country's total. This deal could secure up to 1.5 million barrels per day of supply to the US.