Venezuela, One of OPEC's Founders, Is Weighing an Exit From the Group

According to Oilprice.com's Julianne Geiger, citing Bloomberg, in a report published Friday, 7 Shahrivar 1405 (August 28, 2026), Venezuela is weighing whether to leave the Organization of the Petroleum Exporting Countries (OPEC), more than six decades after it helped found the group as one of its five original members. People familiar with the discussions, who have also been in contact with US officials, said no final decision has been made. Venezuela produced about 1.117 million barrels a day in July and is currently exempt from OPEC production quotas following years of sanctions and declining output.

A potential Venezuelan exit would come just months after the United Arab Emirates left OPEC, and the report said Iraq could also reconsider its membership if an ongoing capacity review does not yield a higher production quota. The UAE, Venezuela and Iraq together hold more than 7 million barrels a day of production capacity, about 32% of OPEC's total. Separately, US and Venezuelan officials are discussing a possible 100-year lease on several of the country's oil fields.