Venezuela Considers Historic Exit from OPEC After 66 Years

Venezuela is considering leaving OPEC after 66 years as a member of the oil cartel, according to reports. The country's deepening energy ties with Washington have sparked discussions about an exit, but no final decision has been made.

A withdrawal would be a significant blow to OPEC, which was founded in Baghdad in September 1960 by five countries including Venezuela, Iran, Iraq, Kuwait, and Saudi Arabia.

Venezuela holds the world's largest proven crude reserves, with 303.7 billion barrels at the end of 2022, according to OPEC's latest statistical bulletin.

The US is negotiating a major interest in Venezuelan oilfields, including a possible 100-year lease on several fields containing about 90 billion barrels, Axios reported.