Venezuela, one of the five founding countries of OPEC, is currently considering the possibility of withdrawing from the Organization of the Petroleum Exporting Countries (OPEC).
Modern.az reports, citing Bloomberg, which referred to sources.
According to the agency, this issue was discussed during negotiations with US representatives. However, no final decision has yet been made regarding Venezuela's withdrawal from OPEC.
Bloomberg writes that withdrawing from OPEC could allow Venezuela to significantly increase oil production in the future, free from the production restrictions imposed within the organization.
This step could also create an opportunity for the US to more actively implement its plans in Venezuela. The agency reminds that Washington is currently discussing opportunities to acquire a large stake in Venezuela's oil fields.
According to Bloomberg, these talks became possible after the US detained Venezuelan President Nicolas Maduro in early 2026. Maduro is currently facing trial in New York.
The agency notes that in May, another major oil exporter – the United Arab Emirates – withdrew from OPEC. In June, Iraq announced the hypothetical possibility of leaving the organization.
