Venezuela weighs departure as OPEC influence weakens
Venezuela is considering leaving OPEC as its energy relationship with the United States deepens, raising fresh questions over the producer group’s cohesion only months after the United Arab Emirates ended nearly six decades of membership. No final decision has been taken in Caracas, but the possibility of withdrawing from the Organization of the Petroleum Exporting Countries has figured in…
Venezuela, once one of OPEC's founding members, is contemplating leaving the organization as its relationship with the United States strengthens. This potential departure echoes the recent exit of the United Arab Emirates from OPEC. Venezuela, which possesses the world's largest national crude reserve, has been discussing the possibility with US officials amid deepening political ties.
However, the immediate impact on global crude supplies would likely be minimal, as Venezuela's production is a small fraction of that from leading producers. The UAE's withdrawal from OPEC and Iraq's push for higher production allowances highlight the group's internal divisions. While Venezuela's output is exempt from OPEC+ production restrictions, its economic challenges pose significant hurdles to a full return.
Nonetheless, the growing reliance on the US market and potential US investment in Venezuelan fields could reshape the nation's oil landscape.
Written by urgent.news from Arabian Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
