Venezuela Eyes Exit from OPEC Amid Shift in US Ties
Venezuela is considering leaving OPEC after decades as a member of the oil cartel. The idea has been discussed with US officials, but no final decision has been made.
The move would mark a significant shift in Venezuela's relations with the US, which have improved since President Donald Trump took control of the nation's oil sales. Venezuela was one of the founding members of OPEC in 1960 and had played a crucial role in shaping the organization's policies over the years.
The country's potential exit from OPEC could lead to increased production, as it would no longer be bound by output quotas set by the cartel. However, this could also lead to a global oil surplus, according to forecasts by the International Energy Agency and other prominent forecasters.