Global crude oil prices came under pressure following reports that Venezuela is considering leaving the Organisation of the Petroleum Exporting Countries (OPEC), a move that could further test the influence and unity of the producer group.
Brent crude fell to about $88.10 per barrel, while US West Texas Intermediate (WTI) traded around $83.40, according to market reports. The decline came as investors assessed the potential implications of Venezuela’s possible withdrawal and other factors affecting global oil supply and demand.
Venezuela’s possible departure would be significant because the South American country was one of the five founding members of OPEC when the organisation was established in 1960.
However, reports indicate that Caracas has not made a final decision on whether to leave the group. Discussions surrounding a possible withdrawal have reportedly involved US officials as Washington seeks greater access to Venezuela’s vast oil resources.
The potential exit comes at a time when OPEC’s influence over global crude markets is already facing challenges. The United Arab Emirates’ departure earlier in 2026 and disruptions linked to geopolitical tensions have added pressure to the organisation’s ability to coordinate production and influence prices.
Analysts say Venezuela’s withdrawal would not necessarily result in an immediate surge in global oil supplies because the country is currently producing without an OPEC quota. Instead, its departure could have greater political and strategic implications for the organisation.
The development is important for oil-producing and importing countries because changes in crude prices can affect government revenues, transportation costs, inflation and petrol prices.
Venezuela possesses the world’s largest proven crude oil reserves, although years of underinvestment, operational difficulties and political turmoil have limited its production capacity.
As Caracas weighs its options, traders are expected to closely monitor developments involving Venezuela, OPEC and the wider global energy market. Any formal decision by Venezuela could further reshape the relationship between major oil producers and influence perceptions of OPEC’s future role in determining crude prices.
