Venezuela's Potential Exit from OPEC Raises Global Oil Market Concerns

Venezuela is considering leaving the Organization of Petroleum Exporting Countries (OPEC), which it has been a member for over 60 years. This decision could pose another challenge for OPEC, which has recently faced growing discontent among its members and a weakening of unity.

According to sources familiar with the situation, the issue was discussed during negotiations with US representatives. A final decision has not yet been made, but talks are ongoing. As part of these discussions, the parties are considering transferring a stake in Venezuelan oil fields to the USA, including the option of a long-term lease, for 100 years, of certain areas.

Venezuela's role in OPEC has significantly diminished due to US economic sanctions and internal political crises that have dealt a devastating blow to the country's oil industry. As of July, oil production in Venezuela was 1.16 million barrels per day, less than half of the figure from a decade ago.

Experts warn that Venezuela's exit will heighten doubts about OPEC's ability to maintain unity and influence oil prices. The absence of quotas may allow Venezuela to increase production in the future, which could impact global prices.