Venezuela is studying pulling out of OPEC, which would mark the first exit of one of its founding members.
The Venezuelan government is considering withdrawing the country from OPEC (Organization of Petroleum Exporting Countries), which would represent the first exit of one of its five founders and a loss that would add to that of the United Arab Emirates last May.
The Venezuelan government is considering leaving the OPEC (Organization of Petroleum Exporting Countries), which would mark the first time a founding member exits the organization and join the Saudi Arabia-led departure in May. According to Bloomberg, citing knowledgeable sources, Venezuelan authorities have discussed this idea with the United States.
However, no final decision has been made. An OPEC withdrawal would highlight the political shift in Caracas following the ouster of Nicolás Maduro by Donald Trump in January. Washington has since supported its successor, Delcy Rodríguez, and manages the sale of Venezuelan oil in international markets. While a Venezuelan departure would have limited global impact due to its low oil production, extraction increased to 1.16 million barrels per day in July, still less than half the levels a decade ago or over three million barrels in the early 2000s.
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