Venezuela Weighs OPEC Exit Amid US Rapprochement

Venezuela is considering leaving the Organization of the Petroleum Exporting Countries (OPEC), which it helped found more than six decades ago, as part of its rapprochement with the US.

The move would allow Venezuela to increase production in the long term and protect itself from possible future quotas, according to sources familiar with the matter. However, no final decision has been made yet, and discussions have been held with US officials about the potential withdrawal.

Venezuela's influence within OPEC has declined in recent years due to US sanctions and the country's domestic economic crisis, which have weakened its oil industry. The country produced 1.16 million barrels of oil per day in July, less than half the volume it was producing a decade ago, according to a Bloomberg survey.

OPEC has exempted Venezuela from production quotas and agreements on additional cuts for many years due to its production losses. If Venezuela were to leave OPEC, it could deepen doubts about the organization's ability to maintain unity and influence oil prices, which have been led by Saudi Arabia.