**The US is negotiating for a major stake in Venezuela’s oil fields, with a possible 100-year lease on several fields among the arrangements under discussion**, [Bloomberg](https://www.bloomberg.com/news/articles/2026-08-27/venezuela-weighs-opec-exit-after-decades-as-it-deepens-us-ties) reports. Access to Venezuela’s vast reserves could bolster US oil supplies amid market volatility caused by the war with Iran and disruptions through the Strait of Hormuz.

**At the same time, Venezuela is considering leaving OPEC, the cartel it helped found in 1960.** The idea has been discussed with US officials as Caracas deepens its energy ties with Washington, although no final decision has been made.

The oil-field talks also remain ongoing and their terms could still change, according to Bloomberg.

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