{
  "id": 4157723,
  "title": "Global oil prices drop as Venezuela plans to exit OPEC",
  "url": "https://urgent.news/2026/08/29/global-oil-prices-drop-as-venezuela-plans-to-exit-opec",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-29T09:15:49.000Z",
  "source": {
    "name": "Daily Post Nigeria",
    "slug": "daily-post-nigeria",
    "url": "https://dailypost.ng/2026/08/29/global-oil-prices-drop-as-venezuela-plans-to-exit-opec/"
  },
  "original_language": "en",
  "account": "Global crude oil prices experienced a decline on Saturday morning, as Venezuela appeared to be on the verge of leaving the Organisation of the Petroleum Exporting Countries, OPEC. According to a market survey, Brent crude and West Texas Intermediate, WTI, prices fell to $88.10 and $83.40 per barrel, respectively, marking a 0.47% and 0.16% decrease. The drop was reported by Bloomberg, citing Venezuela's proposal to exit OPEC after nearly three decades of membership. However, Venezuela has not yet made an official decision on the matter. In July, the country produced approximately 1.117 million barrels of oil daily, as per OPEC data. Venezuela has been a founding member of OPEC since its inception on September 14, 1960. This development follows the recent exit of the United Arab Emirates from OPEC. Tensions in the Middle East have also risen, with Israel, Iran, and the United States engaged in a conflict, particularly around the Strait of Hormuz, which has contributed to oil price volatility.",
  "summary": "Global crude oil prices declined amid speculation over Venezuela’s planned exit from the Organisation of the Petroleum Exporting Countries, OPEC. A crude oil market survey showed that Brent and West Texas Intermediate, WTI, dropped to $88.10 and $83.40 per barrel, respectively, on Saturday morning. This means that Brent and WTI prices dropped by 0.47% and 0.16%, respectively, […] Global oil…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}