Commodities

OPEC Exit Would Be Bitter Irony for Venezuela

Guavy AI Editorial Team Published September 8, 2026

Instruments

Oil

Venezuela's potential departure from OPEC has sparked debate about its implications for the country's oil industry and sovereignty. Venezuela is one of OPEC's five founding members, established in 1960 to counterbalance Western oil majors.

However, US President Donald Trump removed Venezuelan President Nicolás Maduro in 2026, leaving the country under an interim government with limited control over its oil resources. The US has since claimed majority control over Venezuela's proven reserves through a recent agreement.

The agreement grants Washington sweeping influence over access, production, and exports of Venezuelan oil, raising concerns about Venezuela's ability to regain control over its own resources. Leaving OPEC would surrender political leverage without delivering additional export revenue the country desperately needs.

OPEC Exit Would Be Bitter Irony for Venezuela

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