Venezuela, a founding member of OPEC since 1960, is negotiating with the United States a possible exit from the oil cartel, with no final decision yet. The United Arab Emirates left the organization on May 1, 2026, after 59 years of membership, paving the way for this second potential departure in less than six months. Washington and Caracas are simultaneously discussing some 17 Venezuelan oil fields, some currently operated by a Chinese company, within a framework providing for long-term leases followed by auctions for American producers. Venezuelan crude production, rebounding above 1 million barrels per day, remains marginal compared to the more than 100 million barrels consumed daily on the global market.
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