Venezuela Weighs Exiting OPEC Amid US Oil Field Access Talks
Venezuela is considering leaving OPEC, one of its founding members, in discussions with the US government. The talks center on leasing specific Venezuelan oil fields to American companies for long-term development.
The negotiations come as the Trump administration pushes to secure access to Venezuela's oil fields, which would be easier without OPEC production constraints. This is a significant shift from January 2026, when President Trump suggested that it would be better for Venezuela to stay within OPEC.
Venezuela sits on the planet's largest proven oil reserves but currently pumps only about 1 million barrels per day due to years of sanctions, underinvestment, and political turmoil. The Strategic Petroleum Reserve has fallen to roughly 289.7 million barrels, a level not seen in approximately 40 years.