Venezuela Weighs Departure As OPEC Influence Weakens Arabian Post

(MENAFN- The Arabian Post) clearfix"> Venezuela is considering leaving OPEC as its energy relationship with the United States deepens, raising fresh questions over the producer group's cohesion only months after the United Arab Emirates ended nearly six decades of membership.

No final decision has been taken in Caracas, but the possibility of withdrawing from the Organization of the Petroleum Exporting Countries has figured in discussions involving Venezuelan and US officials. Such a move would carry powerful symbolism because Venezuela was one of OPEC's five founding members when the organisation was established in Baghdad in 1960.

The immediate impact on global crude supplies would probably be modest. Venezuela produced about 1.12 million barrels a day in July, a fraction of the volumes supplied by Saudi Arabia and other leading producers. The country is also exempt from the production restrictions governing several OPEC+ members, limiting the practical consequences of abandoning the group's quota system.

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