Venezuela Exit Threat Deepens OPEC Strains Arabian Post
Arabian Post Staff -Dubai
Venezuela is weighing whether to leave OPEC, raising fresh questions about the producer group's cohesion only months after the United Arab Emirates ended its membership and further weakening the organisation's hold over global oil supply.No final decision has been taken in Caracas, but the possibility has emerged during discussions with US officials as Venezuela seeks to rebuild its battered petroleum industry and attract large-scale foreign investment. A withdrawal would carry particular symbolic weight because Venezuela was one of the five countries that founded the Organization of the Petroleum Exporting Countries in Baghdad in 1960.
The deliberations come alongside negotiations that could give US companies long-term access to Venezuelan oilfields. Washington and Caracas are discussing arrangements covering selected fields in the Orinoco Belt and around Lake Maracaibo, potentially allowing American energy groups to develop reserves and secure crude supplies for the US market.
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