Venezuela weighs OPEC exit after decades as it deepens U.S. ties

Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal, in Puerto La Cruz, Venezuela, on Aug. 9. | REUTERS

Aug 28, 2026

Venezuela is closely examining plans to leave OPEC, according to people familiar with the matter, delivering a fresh blow to the oil cartel it helped create more than six decades ago.

The idea of an exit has been a topic in conversations with U.S. officials, and no final decision has been made, said some of the people, asking not to be identified discussing private information. A White House spokesperson had no immediate comment, and Venezuela’s Information Ministry didn’t respond to requests for comment.

The move would illustrate the sweeping political realignment in Caracas since U.S. President Donald Trump ousted longtime leader Nicolas Maduro and took control of the nation’s oil sales. Just four months ago, the United Arab Emirates announced it would leave OPEC, threatening the group’s unity and its sway over crude prices.

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