Bloomberg: Venezuela is considering leaving OPEC, but no final decision yet

Venezuela is considering withdrawing from the Organization of the Petroleum Exporting Countries (OPEC). The country has discussed this with US representatives, but has not yet made a final decision.

Bloomberg writes about this, citing sources.

Venezuelaʼs withdrawal from OPEC could be another manifestation of the sweeping political changes in the country that began after US President Donald Trump removed Nicolas Maduro from power and took control of the sale of Venezuelan oil.

According to sources, US and Venezuelan officials are discussing the possibility of transferring a significant portion of Venezuelan oil fields to the US. Also among the possible options is the transfer of several US oil fields on lease for a period of 100 years.

The very possibility of the US governmentʼs direct involvement in Venezuelan oil projects shows how dramatically the situation in the countryʼs oil industry is changing, the journalists added.

Venezuela was once a leading member of OPEC. The US sanctions and a domestic political and economic crisis have virtually destroyed the countryʼs oil industry. In July, Venezuela was producing 1.16 million barrels of oil per day, less than half the volume it produced a decade ago.

Due to the significant reduction in oil production in Venezuela, its possible exit from OPEC is unlikely to have a noticeable impact on global oil prices in the near term. The market is currently reacting much more strongly to the consequences of the US war with Iran.

At the same time, according to one of Bloomberg’s interlocutors, some American officials are considering the possibility of creating a kind of oil superpower through a close alliance between the United States and Venezuela. Such an alliance could significantly weaken OPEC’s influence on the global oil market.

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