Venezuela considers leaving OPEC

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 US officials, and no final decision has been made. A decision to pull out would illustrate the sweeping political realignment in Caracas since President Donald Trump ousted longtime leader Nicolás Maduro and took control of the nation's oil sales. Washington's growing influence is also reflected in US talks with Venezuelan leaders to take a large stake in the nation's oil fields, with a possible 100-year-lease on several oil fields discussed. Given Venezuela's diminished production, its potential exit is unlikely to have much immediate effect on global oil markets, but it would heighten doubts over whether OPEC, led by Saudi Arabia, can continue to hold together and influence crude prices. The move aligns with Trump's interventionist approach and his long-time criticism of OPEC. Venezuela was one of the five oil producers that founded OPEC in 1960 and was instrumental in the birth of OPEC+. The potential withdrawal could clear the way for international oil companies to play a larger role in rebuilding the nation's oil industry, potentially adding to the global oil surplus anticipated by the International Energy Agency.