Venezuela Considers Leaving OPEC Amid Improving US Relations

Venezuela is reportedly contemplating a departure from the Organization of the Petroleum Exporting Countries (OPEC), a move that comes as its relations with the United States show signs of rapid improvement. Sources familiar with the matter indicate that while the Venezuelan government has not finalized a decision, the prospect of leaving OPEC has been a topic of discussion during meetings with U.S. officials.

Venezuela, one of the founding members of OPEC in 1960, holds a significant place in the organization's history and possesses the world's largest proven oil reserves. The potential exit from OPEC surfaces amidst broader energy negotiations between Washington and Caracas. U.S. officials have reportedly been engaged in discussions with the interim Venezuelan government to secure long-term access to and stakes in several major Venezuelan oil fields.

These negotiations reportedly involve over a dozen oil fields, including those in the Orinoco Belt and around Lake Maracaibo. An agreement could potentially more than double the U.S.'s controlled oil reserves and significantly bolster Washington's influence over energy resources in the Western Hemisphere. In return, Venezuela anticipates benefiting from the return of private energy companies, including American firms, which are expected to help develop oil fields and increase production, thereby boosting Venezuela's oil revenues.

While the talks are said to be in advanced stages, discussions continue regarding the legal structure of any potential agreement and the specific oil fields to be included. Options reportedly range from long-term leases to opening fields to private companies through tenders. However, potential legal hurdles related to Venezuela's laws on state control in the oil sector may arise. No clear timeline for the finalization of an agreement has been established.

Should Venezuela decide to leave OPEC, it would mark another significant departure for the organization, which already saw the United Arab Emirates exit in May 2026. Such a move by Venezuela could exert further pressure on OPEC, whose global influence has weakened in recent times. The final decision regarding Venezuela's OPEC membership, however, has yet to be made.