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Source:
Sky News
Venezuela Evaluates OPEC Exit
According to Bloomberg reports, Venezuela is seriously considering withdrawing from the Organization of the Petroleum Exporting Countries (OPEC), amid the profound political changes the country is experiencing after the Trump administration ousted the former President Nicolás Maduro and increased American influence over Venezuelan oil exports. Currently, American and Venezuelan officials are discussing the possibility of signing long-term contracts that could extend up to 100 years for oil fields, potentially granting the United States direct access to Venezuela's oil reserves—an unprecedented interference in another country's economy. This move forms part of a U.S. strategy aimed at strengthening its influence in the Western Hemisphere, with reports suggesting that Venezuela's exit from OPEC could give it greater flexibility to increase production. It is viewed as an attempt to reduce dependence on the organization and to pave the way for a strategic oil alliance between the two nations.
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