Venezuela is discussing a potential exit from OPEC with the United States as Washington negotiates long-term leasing deals for Venezuelan oil fields. The talks follow the UAE's departure from OPEC and OPEC+ on May 1, 2026, and come as the US Strategic Petroleum Reserve sits near a 40-year low.
Venezuela, one of OPEC's five founding members, is in talks with the United States about leaving the cartel. The discussions accompany a push by the Trump administration to secure long-term leasing arrangements for Venezuelan oil fields, an arrangement that would be easier to execute without OPEC production limits attached.
The UAE already left OPEC and OPEC+ effective May 1, 2026. If Venezuela follows, it would be the second departure from the organization in a matter of months — and this time from a country that helped found it in 1960.
Washington's reserve problem
The Strategic Petroleum Reserve has fallen to roughly 289.7 million barrels, a level not seen in about 40 years. Venezuela, meanwhile, sits on the planet's largest proven oil reserves yet is currently pumping only about 1 million barrels per day. Years of sanctions, underinvestment, and political turmoil have left one of the world's great oil producers well short of its potential.
The negotiations reportedly center on leasing specific Venezuelan oil fields to American companies for long-term development. This dynamic shifted after the ousting of President Nicolas Maduro in January 2026, which gave Washington considerably more leverage over Venezuelan oil sales.
Why OPEC membership gets in the way
Venezuela currently sits outside OPEC+ production quotas, a courtesy extended because sanctions and infrastructure decay had already pushed its output well below any meaningful ceiling. But a serious ramp-up in production through US partnerships would eventually run into OPEC's coordinating mechanisms.
President Trump himself suggested in January 2026 that Venezuela should stay within OPEC, though he noted the topic hadn't been fully discussed with Venezuelan officials. That position appears to have shifted as the leasing negotiations have advanced.
Source: Crypto Briefing
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