Venezuela Considers Leaving OPEC as US Examines 100-Year Leases for Oil Fields

The possibility of Venezuela leaving OPEC is part of discussions between Venezuelan and US officials, although no final decision has been made so far.

Such a move would cause further upheaval in the cohesion of the oil cartel and deliver another blow to the organization.

The talks are taking place at a time when relations between Washington and Caracas are undergoing profound changes, while the role of the United States in Venezuela’s energy sector has expanded significantly.

At the same time, the two sides are examining various forms of cooperation in the oil industry. Among the scenarios under discussion is the 100-year leasing of some of Venezuela’s largest oil fields.

Such an agreement would imply an exceptionally deep US commitment to Venezuela’s energy sector and create opportunities for major American investments aimed at increasing oil production over the long term.

The US administration has expressed strong ambitions to expand its influence in Venezuela and its oil industry. President Donald Trump, meanwhile, has made strong statements about US control over Venezuelan oil.

If the withdrawal from OPEC were to go ahead, the renewed rapprochement between Washington and Caracas would significantly alter the balance of the energy sector in Latin America.