Trump outlines new plan for Venezuela’s vast oil reserves

It would be good for Venezuela to remain a member of OPEC, the cartel of major oil exporters, US President Donald Trump has said. However, he is skeptical that it would benefit the US.

In an interview with Reuters, Trump said, "I think it would be good for them (Venezuela) to stay in OPEC." He added, "I don't know if it would be good for us ... but they are a member of OPEC and we haven't had any discussions with them about it yet."

Venezuela is a founding member of the Organization of the Petroleum Exporting Countries, or OPEC, and has one of the world's largest oil reserves. But the country's oil production has declined in recent years due to an economic crisis and sanctions.

The comments come as the Trump administration seeks to control Venezuela's oil market after ousting Maduro's government earlier this month. The Trump administration has said it will take control of Venezuela's oil resources in the long term and invest in rebuilding the country's oil industry.

Asked whether Venezuela would comply with OPEC's production quotas under a U.S.-led policy, Trump said, "That's not something we're thinking about right now." Analysts say there could be a strategic tension between the two if the U.S. tries to boost Venezuelan oil production while OPEC cuts output to support prices.