Venezuela weighs OPEC exit, seeking long-term U.S. oil deal

Venezuela is considering an exit from OPEC, a group it co-founded over 60 years ago.

Caracas has discussed the potential move with U.S. officials during ongoing negotiations.

Washington is seeking long-term access to Venezuela’s extensive oil reserves.

The departure would follow the United Arab Emirates’ decision to leave the cartel earlier this year.

Exiting OPEC would exempt Venezuela from production quotas and allow the country to maximize output.

This move aims to attract significant foreign investment, specifically from the United States.

A withdrawal would further diminish OPEC’s influence over global oil supply dynamics.