Venezuela weighs OPEC exit, seeking deeper energy ties with U.S.

Venezuela is considering a withdrawal from OPEC, a move that could disrupt global oil market structures. U.S. officials are participating in discussions as Washington seeks long-term access to Venezuela’s oil reserves.

Venezuela co-founded the cartel in 1960, making a potential departure a significant symbolic blow despite current production sitting below historical peaks. An exit may trigger increased foreign investment in neglected oil fields to boost long-term global supply. U.S. energy firms like Chevron, which maintains a local presence, stand to benefit from this shift.

This move follows the United Arab Emirates' departure earlier this year, challenging OPEC’s cohesion and price influence. Investors face a new geopolitical variable affecting crude prices and energy ETFs like VDE and XLE.