US Seeks Century-Long Lease on Venezuela's Massive Oil Reserves

The US is negotiating a 100-year deal with Venezuela to gain access to its massive oil reserves, potentially doubling US oil reserves by tapping into Venezuela's 90 billion barrels of proven crude.

According to sources, Washington is seeking a 'massive' century-long lease on several oil fields in the Orinoco Belt and Lake Maracaibo, which could guarantee a steady supply of Venezuelan crude to US refineries.

Venezuela's departure from OPEC would be a major blow to the organization, following the UAE's exit last month. The move would also mark a significant shift in US influence over Venezuela's oil industry, with Washington taking control of Venezuelan oil sales and revenues since President Maduro's capture in January.