Market Chatter: Trump Administration in Talks to Take Stake in Venezuelan Oil Resources

MT Newswires Live02:14

The Trump administration is in talks with its Venezuelan counterpart about taking an ownership stake in the South American country's oil resources, Axios reported Thursday, citing two US officials.

A potential deal would more than double US oil reserves, with discussions including more than a dozen productive oil fields, the report said.

The deal would also benefit Venezuela, with private companies developing the fields and returning more oil revenue to that country, the report added.

While the exact timing of the deal is unclear, US Energy Secretary Chris Wright has been planning to go to Venezuela next week to discuss ways to boost oil production by US firms, Axios said.

A spokesperson for the White House did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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