Venezuela Helped Build OPEC. Now It May Help Break It Apart
Bloomberg said Venezuela is examining an exit that would end its role as one of OPEC's five founding members.
- On Thursday, Bloomberg reported that Venezuela is examining plans to leave OPEC, a move that would end one of the five original memberships from the 1960 Baghdad Conference.
- As one of five states that created the group in September 1960, Venezuela has maintained membership for nearly sixty-six years, making this potential departure a historic shift for the organization.
- Although Venezuela produced about 1.16 million barrels per day in July 2026, an exit would not release extra barrels since Caracas currently produces without a quota target.
- Reuters reported on Friday that seventeen oilfields sit under negotiation with Washington, as hydrocarbons minister Paula Henao recently invited American firms to invest in Venezuelan acreage.
- Ecuador, Qatar, and The United Arab Emirates previously departed OPEC citing fiscal needs and production goals, establishing precedent as Venezuela weighs its decision with no final action yet taken.
21 Articles
21 Articles
Global oil prices drop as Venezuela plans to exit OPEC
Global crude oil prices declined amid speculation over Venezuela’s planned exit from the Organisation of the Petroleum Exporting Countries, OPEC. A crude oil market survey showed that Brent and West Texas Intermediate, WTI, dropped to $88.10 and $83.40 per barrel, respectively, on Saturday morning. This means that Brent and WTI prices dropped by 0.47% and 0.16%, respectively, […] Global oil prices drop as Venezuela plans to exit OPEC
A possible departure of Venezuela from the OPEC oil cartel could lead to lower oil prices in the long term, which could also mean lower prices at the Dutch pump. However, prices could then rise again more quickly, say energy experts. They foresee a decline in price stability on the oil market if the power of the group of oil-producing countries erodes.
Venezuela is considering whether it should abandon OPEC, according to people familiar with the issue, which could strike a new blow to the oil cartel that helped create more than six decades ago.The idea of a exit has been the subject of discussions with US officials and no final decision has been made, said some of the people, who asked not to be identified when talking about private information. A decision to withdraw from the Organization of …
Venezuela Helped Build OPEC. Now It May Help Break It Apart
Venezuela helped create OPEC. More than six decades later, it is considering walking away, and Washington appears perfectly happy to hold open the door. Caracas is weighing whether to leave the Organization of the Petroleum Exporting Countries, Bloomberg reported Friday, citing people familiar with discussions that have included U.S. officials. No final decision has been made. Venezuela produced about 1.117 million barrels per day (bpd) in July …
Venezuela Weighs Leaving OPEC, the Group It Helped Found in 1960
Bloomberg says Venezuela is examining plans to quit the oil producers' group it helped found in 1960. No decision has been taken, and the report rests entirely on unnamed sources. The post Venezuela Weighs Leaving OPEC, the Group It Helped Found in 1960 appeared first on The Rio Times.
Venezuela is considering withdrawing from the OPEC oil cartel, insiders told Bloomberg. The possible departure has been the subject of talks with US officials. A final decision has not yet been made.
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