Venezuela weighs possible withdrawal from OPEC, sources say

BASRA, Iraq — Venezuela is seriously considering withdrawing from the Organization of the Petroleum Exporting Countries, according to people familiar with the matter. The question has come up in recent talks between Venezuelan officials and their U.S. counterparts, but no formal decision has been made. The review comes as Venezuela's weight in global oil markets has notably declined. Years of economic sanctions and domestic instability have pushed the country's oil production to less than half of its level roughly a decade ago, while major discoveries in Guyana and Brazil, combined with rising shale supply, have further eroded its market position. A potential Venezuelan exit would follow the United Arab Emirates' earlier departure from OPEC and growing criticism from members including Iraq, raising fresh questions about the group's cohesion and its capacity to balance oil prices. Venezuela was one of OPEC's five founding members when the organization was established in Baghdad in 1960. Caracas also played a role in the creation of the OPEC+ alliance with Russia in 2016, placing it among the group's historically important members.