Venezuela Mulls OPEC Exit as US Gains Control Over Its Oil Reserves

Founded in Baghdad in 1960, OPEC was intended to give oil-rich nations control over their resources, and Venezuela was one of its five original members. In 2026, a U.S. deal—announced by Donald Trump after he installed an interim government in Caracas—granted Washington authority over more than 65 billion barrels of Venezuelan oil, surpassing the United States' own reserves. Reports of a possible Venezuelan exit from OPEC surfaced just before the deal was publicized, though there is no evidence of direct U.S. pressure.

The interim government sees potential benefits for U.S. investors who would not be bound by OPEC production quotas, yet Venezuela, along with Iran and Libya, is already exempt from those targets because of sanctions and conflict. Leaving OPEC would strip Caracas of a seat at the table where major producers coordinate strategy and would weaken its claim to collective bargaining power at a time when its sovereignty is heavily contested.

Moreover, any additional output from the new agreement is expected to be modest, and rebuilding the oil sector will require decades of investment. Consequently, staying in OPEC offers political leverage with minimal economic cost, while departure yields little tangible gain.