Venezuela Considers Leaving OPEC Amid Global Oil Supply Concerns

Venezuela is reportedly considering leaving OPEC, according to a Bloomberg report. The discussions have involved US officials, and Washington appears supportive of the potential exit.

The country currently produces around 1.117 million barrels per day, exempt from production quotas due to years of sanctions, underinvestment, and economic turmoil that have reduced output.

Venezuela was one of OPEC's five founders in 1960 and played a key role in its creation. Its departure would follow the UAE's exit, which occurred months earlier after frustrations over production restrictions.

The US and Venezuelan officials are discussing greater American involvement in Venezuela's oil fields, including a possible 100-year lease on several assets. Chevron has expanded its presence, while SLB and Hunt Oil have reached agreements with PDVSA.