Venezuela considers leaving OPEC amid US talks over oil field access

Venezuela, one of OPEC’s five founding members, is in discussions with the United States about a potential exit from the oil cartel. The talks come as the Trump administration pushes to secure long-term leasing arrangements for Venezuelan oil fields, a deal that would be far easier to execute without OPEC production constraints hanging over the arrangement.

The UAE already left OPEC and OPEC+ effective May 1, 2026. If Venezuela follows, it would mark the second departure from the organization in a matter of months, and this time it would be a country that literally helped create the thing back in 1960.

What Washington wants

The Strategic Petroleum Reserve has fallen to roughly 289.7 million barrels, a level not seen in approximately 40 years.

Venezuela sits on the planet’s largest proven oil reserves, yet it’s currently pumping only about 1 million barrels per day. Years of sanctions, underinvestment, and political turmoil have turned what should be one of the world’s great oil producers into a cautionary tale about squandered geological gifts.

The negotiations reportedly center on leasing specific Venezuelan oil fields to American companies for long-term development.

This dynamic shifted dramatically after the ousting of President Nicolas Maduro in January 2026, which gave Washington considerably more leverage over Venezuelan oil sales.

Why OPEC membership complicates things

Venezuela is currently exempt from OPEC+ production quotas, a courtesy extended because sanctions and infrastructure decay had already throttled its output well below any meaningful ceiling. Any serious ramp-up of production through US partnerships would eventually collide with OPEC’s coordinating mechanisms.

President Trump himself suggested back in January 2026 that it would be better for Venezuela to stay within OPEC, though he noted the topic hadn’t been fully discussed with Venezuelan officials. That position appears to have evolved as the leasing negotiations have progressed.

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