Venezuela considers leaving OPEC

Venezuela is considering whether to withdraw from the Organization of the Petroleum Exporting Countries (OPEC), Bloomberg wrote citing sources.

Venezuela tries to take a significant step for the global oil market following U.S. intervention. Sources say the idea of leaving OPEC emerged during discussions with U.S. officials, but no final decision has been made.

If implemented, the move would deal another blow to the oil cartel that Venezuela helped establish more than 60 years ago. It could also trigger a broader political restructuring in Caracas following U.S. President Donald Trump’s removal of long-time Venezuelan leader Nicolás Maduro and Washington’s takeover of control over the country’s oil sales.

Washington’s growing influence is also reflected in negotiations between U.S. officials and Venezuelan leaders over gaining access to a large share of the country’s oil fields. According to sources, representatives of both countries are discussing the proposal. One of the possible arrangements reportedly under consideration is the leasing of several oil fields for a period of 100 years.

It is worth recalling that the United Arab Emirates withdrew from OPEC membership and the OPEC+ coalition effective May 1.