Venezuela may leave OPEC for the US – media

Venezuela, a founding member of OPEC in 1960, is considering leaving the organization. This discussion comes amid deepening cooperation between Caracas and Washington and negotiations over long-term access for American companies to Venezuelan oil fields.

According to Bloomberg, no final decision on withdrawal has yet been made, but the issue has already been discussed, including with US officials. Reuters also reported on Venezuela's possible withdrawal from OPEC, citing Bloomberg, but was unable to independently confirm this information.

Venezuela played a key role in the creation of OPEC, but its influence within the cartel has declined in recent years due to problems in the oil industry. In July, Venezuela produced about 1.16 million barrels of oil per day, which, according to Bloomberg estimates, is less than half of what it was a decade ago.

Caracas's potential withdrawal could heighten questions about OPEC unity, especially after the United Arab Emirates left the organization in May and OPEC+'s influence on the global oil market has weakened recently.

Meanwhile, the United States and Venezuela are negotiating long-term access for American companies to some of Venezuela's oil reserves. Reuters reports that a scheme is being discussed under which American companies would be able to develop several Venezuelan fields, with the resulting oil guaranteed to be supplied to the United States. Options under consideration include leasing the fields, with subsequent division of blocks among American producers.

The negotiations involve 17 fields in the Orinoco oil belt and the Lake Maracaibo region. However, the potential deal could face legal and constitutional restrictions, as current Venezuelan legislation provides for state control over key operations in the oil industry.

As a reminder, approximately half of Venezuela's current production—over 500,000 barrels per day—is already being sent to US refineries. Caracas has also signed new agreements with Hunt Oil and SLB to attract investment, technology, and increase production. Meanwhile, the US supplies Venezuela with over 100,000 barrels per day of naphtha, which is needed to dilute heavy crude.