Venezuela Considers Historic Exit from OPEC Amid US Talks
Venezuela is considering leaving the Organization of the Petroleum Exporting Countries (OPEC) after six decades as a member, according to sources close to the discussions. This move would represent a significant shift for one of OPEC's founding nations.
The US has dictated Venezuela's oil exports since sanctions were imposed under the Trump administration, and abandoning OPEC could signal Caracas's realignment of partnerships. The UAE's recent departure from OPEC is already testing the group's cohesion, and Venezuela's exit might further erode its sway over global crude prices.
Venezuela's crude output has seen a modest recovery but remains a fraction of its former levels due to prolonged economic crisis and US restrictions. While its departure may not cause immediate market upheaval, it could expose cracks in the Saudi-led alliance.