Venezuela Eyes Opec Exit as US Seeks Stake in Oil Fields

Venezuela is considering leaving Opec after more than six decades of membership. The country's oil production has been severely impacted by US sanctions and domestic turmoil, with output falling to 1.16 million barrels a day in July, less than half the amount it produced a decade ago.

The idea of an exit has been discussed with US officials, but no final decision has been made. A White House spokesperson had no immediate comment, while Venezuela's Information Ministry did not respond to requests for comment.

Washington's influence in Caracas has grown since President Donald Trump ousted Nicolás Maduro and took control of the nation's oil sales. The two countries are negotiating a deal that would give the US a large stake in Venezuela's oil fields, potentially including a 100-year-lease on several oil fields.

The move aligns with Trump's so-called Donroe Doctrine of extending American influence in the Western Hemisphere. It also reflects the increasingly interventionist approach to business under Trump, who has taken stakes in companies ranging from Intel Corp. to rare earths producer MP Materials Corp.