Venezuela is actively exploring the possibility of leaving the Organization of the Petroleum Exporting Countries (OPEC), according to individuals with knowledge of the matter. As one of the founding members of the cartel more than six decades ago, a withdrawal by Venezuela would deliver another significant blow to the producer group.
Some of the people familiar with the discussions indicated that the notion of exiting OPEC has been a topic of conversation between Venezuelan officials and their American counterparts, although no final decision has been reached. The sources requested anonymity due to the confidential nature of the information. The White House press office declined to comment, while Venezuela's government did not respond to requests for input.
Relations between Caracas and Washington have deepened rapidly since the Trump administration moved to sideline longtime Venezuelan leader Nicolás Maduro and gain control over the nation's oil sales. Just four months ago, the United Arab Emirates announced its departure from OPEC, which already weakened the group's cohesion and its ability to influence global crude prices. Media reports have previously suggested that the U.S. is negotiating to acquire stakes in Venezuelan oil fields.
Venezuela once held significant sway within OPEC, but its influence has waned in recent years as U.S. sanctions and a domestic economic crisis crippled its petroleum industry. According to a Bloomberg survey, the country's crude production averaged 1.16 million barrels per day in July, less than half of what it produced a decade earlier, though output has ticked upward this year. Given the substantial decline in production, Venezuela's potential exit from OPEC may not have an immediate major impact on global oil markets.
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