Venezuelan Authorities Are Considering Withdrawing From OPEC

• 28.08.2026, 14:15

This idea was discussed during talks with U.S. officials.

The cartel of oil-producing countries may lose another member after the United Arab Emirates withdrew from it this spring. This time, Venezuela—one of OPEC’s founding members—may leave.

Caracas is considering the possibility of leaving OPEC; this idea was discussed during talks with U.S. officials, according to Bloomberg reports, citing people familiar with the situation. A final decision has not yet been made, but it may be linked to agreements with Washington that Caracas is currently discussing. The Donald Trump administration is negotiating with Venezuela’s interim government to secure a stake in its oil fields, Axios reported.

The proposal regarding the oil fields is under discussion, and one possible option is a 100-year lease on some of them, Bloomberg sources clarified. According to one of the agency’s sources, forming an alliance between the U.S. and Venezuela would help weaken OPEC’s influence. And Washington would be able to carry out its plans to increase production in Venezuela (primarily through American companies) without being bound by obligations to another organization.

OPEC quotas do not currently apply to Venezuela, where production has plummeted due to the policies of dictator Nicolás Maduro and his predecessor Hugo Chávez. However, Washington is not pleased with potential restrictions should production increase. Freeing Venezuela from any potential quotas will help it maximize production in the long term, which will contribute to lower oil prices, one of Bloomberg’s sources explained.

Venezuela was once one of OPEC’s leading members. But in July, its production totaled just 1.16 million barrels per day — even though it had begun to rise this year thanks to a shift in relations with the U.S., which, following Maduro’s takeover in January, began selling Venezuelan oil for export and assisting with the restoration of the energy sector.