Venezuela Abandons OPEC Amid US Talks on Massive Oil Stake

Venezuela is reportedly planning to leave the Organization of the Petroleum Exporting Countries (OPEC) after almost six decades as a member. The country, which founded OPEC in 1960 alongside Iran, Iraq, Kuwait, and Saudi Arabia, has been discussing the move with U.S. officials.

No final decision has been made yet, but talks are underway over a dozen productive oil fields containing around 90 million barrels of proven reserves. The fields were previously controlled by past Venezuelan leaders who have been indicted.

In exchange for U.S. ownership, Caracas would benefit from private firms, including American oil majors, developing the fields and bringing in increased revenue to the country.