Following UAE, Venezuela considers leaving OPEC - Bloomberg

Venezuela is contemplating a departure from the Organization of the Petroleum Exporting Countries (OPEC), a move that could significantly alter its oil production and international engagement, Bloomberg reported, citing sources familiar with the matter. The discussions reportedly took place during recent meetings with U.S. officials, although a definitive decision has yet to be reached.

If Venezuela were to leave OPEC, it could gain the freedom to ramp up oil production without adhering to the cartel's output restrictions. This would be particularly impactful as the country's oil sales are currently under U.S. control. Furthermore, exiting OPEC could pave the way for greater involvement of international companies in revitalizing Venezuela's struggling oil sector.

The United States has been actively negotiating to secure a substantial stake in Venezuela's oil fields. The conversations surrounding Venezuela's potential exit from OPEC gained momentum following the alleged apprehension of Venezuelan President Nicolás Maduro by U.S. forces earlier this year. Venezuela holds historical significance within OPEC, being one of the five founding members in 1960.

However, the country's influence within the organization has waned in recent years due to a severe economic crisis and international sanctions. This potential departure follows a similar move by the United Arab Emirates, another major oil producer, which announced its exit from the cartel in the spring of 2026.