The US is reportedly in talks with Venezuela’s interim government to take a “massive” stake in the South American country’s oil resources. The proposed deal would give Washington part ownership of fields containing 90 billion barrels’ worth of proven crude deposits, more than doubling US reserves. “Calling this deal huge would be an understatement,” a US official told Axios.
Venezuela’s oil production has jumped under Washington’s custodianship, though questions abound about where those profits, which were intended to help rebuild the country, have ended up. Meanwhile, Venezuela is also considering quitting OPEC, potentially dealing a further blow to the oil cartel it helped to found just four months after the UAE left, Bloomberg reported.
