Venezuela's Planned Exit from OPEC Sends Global Oil Prices Tumbling

Global oil prices have declined amid speculation over Venezuela's planned exit from OPEC. A crude oil market survey showed that Brent and West Texas Intermediate (WTI) dropped to $88.10 and $83.40 per barrel, respectively, on Saturday morning. This represents a 0.47% and 0.16% drop for Brent and WTI prices at the time of reporting.

Venezuela's proposed exit from OPEC comes after nearly three decades of membership. The country produced about 1.117 million barrels per day in July, according to OPEC data. Venezuela is one of the five founding members of OPEC, which was established on September 14, 1960.

The potential exit follows months of heightened tensions in the Middle East, particularly around the Strait of Hormuz, due to a conflict between the United States, Israel, and Iran that began on February 28. The volatility in oil prices is also a result of this ongoing situation.