Venezuela weighs leaving OPEC amid talks on US oil alliance

Venezuela is seriously considering leaving OPEC, with discussions on the idea already held with U.S. officials, although no final decision has been made. Some U.S. officials envision a U.S.-Venezuela alliance forming an oil powerhouse that would significantly weaken OPEC’s influence. Venezuela is not currently constrained by OPEC production limits because its oil output has fallen sharply in recent years. A person familiar with the matter said avoiding any future quotas could help Venezuela maximize production over the long term, potentially pushing oil prices lower, while also allowing the U.S. to advance its plans for Venezuelan oil. The report was attributed to Bloomberg and relayed by BlockBeats on Aug. 28.

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Venezuela weighs leaving OPEC amid talks on US oil alliance - CoinPost Terminal