Venezuela Weighs OPEC Exit Amid US Stake Talks

Venezuela is reportedly considering leaving OPEC as part of a larger deal with the US. According to Bloomberg, Caracas has been discussing this move with U.S. officials, but no final decision has been made yet.

The Trump administration is in talks with Venezuela's interim government about acquiring a stake in the country's massive oil resources, specifically a dozen productive oil fields containing close to 90 million barrels of proven reserves. These 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 US oil majors, developing the fields and bringing in increased oil revenue to the South American country. The White House did not immediately respond to Benzinga's request for comments on this matter.