Venezuela is studying the possibility of leaving OPEC and discussing the transfer of oil fields with the US
Kyiv • UNN
After consultations with Washington, Caracas is considering leaving OPEC. The parties are also discussing leasing the fields to US entities for up to 100 years.
The Venezuelan authorities are considering the possibility of withdrawing from the Organization of the Petroleum Exporting Countries after holding consultations with U.S. representatives. Bloomberg reports this, UNN writes.
Details
A possible decision to end its membership in the cartel indicates a profound shift in Caracas’s foreign policy course. Washington’s growing influence is also evident in negotiations on granting U.S. entities long-term leases or stakes in the country’s key oil fields.
Negotiating groups from the two countries are discussing the details of potential agreements, including an option to lease certain production facilities for up to 100 years. The implementation of such plans would mean a large-scale influx of U.S. capital into the country’s economic sector.
Changing influence on the global energy market
Venezuela’s potential withdrawal from OPEC could further weaken the position of the oil cartel, which has recently faced declining influence over global price formation. The country’s production levels have fallen significantly in recent years due to domestic economic difficulties and restrictions, reducing its share of the global market.
The direct involvement of U.S. investors in Venezuelan projects could significantly alter the structure of oil production and raw-material supplies. The United States is seeking to expand its presence in the region and attract private companies to restore infrastructure.
The US is negotiating a major oil deal with Venezuela – Axios28.08.26, 01:56 • 1842 views
Releasing Caracas from its obligations under international agreements would allow the country to increase production without taking collective restrictions into account. This could create conditions for increasing market supply and intensifying competition among major exporters.
Venezuela was one of the founding members of OPEC in 1960 and played an important role in shaping the organization’s policy for many decades. A change in Caracas’s position would be a significant moment in the history of this international association.