Venezuela Weighs Exit from OPEC Amid US Oil Talks

Venezuela is considering leaving OPEC amid talks with the US over access to its oil fields. The discussions come as the Trump administration seeks to secure long-term leasing arrangements for Venezuelan oil, a deal that would be easier to execute without OPEC production constraints.

The US wants to lease specific Venezuelan oil fields to American companies for development, which could ramp up production and alleviate the country's reliance on OPEC+ quotas. However, any serious increase in output through US partnerships would eventually collide with OPEC's coordinating mechanisms.

Venezuela, one of OPEC's founding members, has been exempt from OPEC+ production quotas due to sanctions and infrastructure decay, which have throttled its output below meaningful ceilings. The country sits on the planet's largest proven oil reserves but currently pumps only about 1 million barrels per day.

The negotiations reportedly center on leasing specific Venezuelan oil fields to American companies for long-term development. This dynamic shifted dramatically after the ousting of President Nicolas Maduro in January 2026, giving Washington more leverage over Venezuelan oil sales.