Trump Hands Decision on OPEC Departure to Venezuela
US President Donald Trump commented on Venezuela's potential departure from OPEC, saying 'it's up to them'.
The Organization of Petroleum Exporting Countries has been a cornerstone of global oil production for over six decades, with Venezuela being part of it since the beginning.
Last week, Bloomberg reported that Venezuela was considering leaving the organization, only months after the UAE withdrew. Washington has maintained strict oversight of Venezuela's oil industry since US forces captured then-President Nicolas Maduro in January.
Following the capture, both countries signed a flagship oil supply pact with global trading houses, allowing Venezuela to boost its crude exports to the US.
Just last Friday, Trump announced an even larger deal for the US to lock in 17 large oilfields in Venezuela containing some 64 billion barrels of proved crude reserves. This could secure up to 1.5 million barrels per day of supply to the US.