Venezuela Considers Leaving OPEC Amid U.S. Oil Leasing Talks

Venezuela's government is considering leaving OPEC, according to sources familiar with the matter. This decision would be a significant blow to the oil cartel, which Venezuela helped found over six decades ago.

The exit deliberations coincide with U.S. entry into Venezuela's oil industry. U.S. and Venezuelan negotiating teams are reportedly discussing leases of up to 100 years on several of Venezuela's core oil fields, including around a dozen highly productive ones.

Venezuela's standing within OPEC has weakened significantly due to U.S. sanctions and economic crisis. The country's crude production has plummeted, with output at approximately 1.16 million barrels per day in July, less than half of what it produced a decade ago.