Deepen Relationship with the US, Venezuela Discusses Exiting OPEC

BlockBeats News, August 28th - According to sources, Venezuela is seriously considering a plan to withdraw from OPEC. Discussions regarding the withdrawal have taken place with U.S. officials, but a final decision has not been made.

It is reported that some U.S. officials envision establishing an "oil powerhouse" through an alliance between the United States and Venezuela, which would significantly diminish OPEC's influence. Another source indicated that despite Venezuela's significant decline in oil production in recent years, the country is currently not subject to OPEC production limits. However, allowing the country to be exempt from any future production quota restrictions would help maximize its output in the long term, thereby putting downward pressure on oil prices. The U.S. would also be able to further its agenda regarding Venezuelan oil. (Bloomberg)