Venezuela Weighs Leaving OPEC Amid US Influence and Oil Deal Talks

Venezuela is considering leaving OPEC, a move that could further erode the cartel's influence. According to sources familiar with the matter, Caracas has been discussing plans to withdraw from the oil cartel with US officials.

No final decision has been made, but an exit would underscore the significant political realignment in Venezuela since US President Donald Trump ousted long-time leader Nicolás Maduro and assumed control over the country's oil sales.

The possibility of a Venezuelan withdrawal is linked to negotiations over a proposal that would give the US a major stake in Venezuela's oil fields. One arrangement under discussion involves a 100-year lease covering several fields, which would represent an unprecedented US intervention in another country's economy.

Venezuela's oil industry has been devastated by US sanctions and years of domestic turmoil. It produced 1.16 million barrels a day in July, less than half its output a decade ago, although production has risen this year.