US Eyes Century-Long Oil Lease in Venezuela Amid Plans for OPEC Exit
The US is in talks with Venezuela to secure long-term access to its vast oil reserves. The proposed deal would grant American companies control over several fields under a 100-year lease, ensuring a steady supply of crude to US refineries.
According to sources, the agreement could potentially double US oil reserves by tapping into Venezuela's 90 billion barrels of proven reserves. This move would be a significant blow to OPEC, with which Venezuela has effectively operated outside its production quota system for years.
The talks come as Venezuela plans to leave OPEC, a decision that was reportedly discussed during meetings with US officials. While no final decision has been made, sources confirm that the idea of quitting OPEC is being seriously considered by Caracas.
US Energy Secretary Chris Wright is expected to travel to Caracas soon to continue negotiations on the deal. The move would be a major realignment for Venezuela following the January 3 US operation that removed President Nicolas Maduro from power.