Venezuela Considers Leaving OPEC, No Final Decision Yet

en.Wedoany.com Reported - On August 28, multiple informed sources stated that the Venezuelan government is considering withdrawing from the Organization of the Petroleum Exporting Countries (OPEC). The matter has been discussed in talks between Venezuelan and U.S. officials, but no final decision has been made.

Venezuela is one of the five founding members of OPEC. In September 1960, Venezuela, along with Iran, Iraq, Kuwait, and Saudi Arabia, jointly established OPEC in Baghdad. If it ultimately withdraws, Venezuela would become the first of the five founding members to leave the organization.

The discussion of a potential exit runs parallel to the recent progress in oil and gas cooperation between Venezuela and the United States. On August 29, Delcy Rodríguez, Venezuela's interim president, stated that the energy agreement between the two countries has a term of 25 years, covering 17 strategic oil fields, with an initial crude oil production target exceeding 1.5 million barrels per day, and plans to develop 8 new oil and gas blocks in the future.

The United States and Venezuela have also been discussing the development of a batch of Venezuelan oil fields by U.S. companies. The relevant negotiations involve the Orinoco Oil Belt and mature oil fields in Lake Maracaibo. The Venezuelan side has not yet announced a final arrangement or timeline for leaving OPEC.