Venezuela is considering leaving OPEC. This was reported by people familiar with the matter, noting that such a move could potentially deal another blow to the oil cartel that Venezuela helped create more than six decades ago.
The idea of leaving the organization was discussed with American officials, but no final decision has been made, some Bloomberg interlocutors reported on condition of anonymity, as the talks are confidential. Such a step would underscore a significant political reorientation of Caracas after the administration of President Donald Trump removed the country’s long‑time leader Nicolas Maduro and took control of Venezuelan oil sales.
Negotiations for a stake in oil fields
The growing influence of Washington is also evident in the US negotiations with Venezuelan leaders to secure a significant stake in the country’s oil fields. Such a development would have been unthinkable just two years ago.
According to people familiar with the negotiations, representatives of both sides are discussing the proposal. Some Bloomberg interlocutors noted that one possible option is a 100‑year lease of several oil fields.
A White House representative did not provide an immediate comment on Venezuela’s possible exit from OPEC. The White House also declined to comment on the oil‑field talks, first reported by Axios. Venezuela’s Ministry of Information did not respond to requests for comment. Earlier, Venezuela’s minister told investors that the country is ready to sign oil deals.
“Donrow Doctrine” and interventionism
The United States obtaining a stake in Venezuela’s oil reserves would be an almost unprecedented intervention in another country’s economy, but it also aligns with Trump’s so‑called “Donrow Doctrine”, aimed at expanding American influence in the Western Hemisphere. He has described Venezuela as the “51st state” and claimed that the US controls its oil.
This step also reflects the increasingly interventionist approach of the Trump administration toward business. His administration has already acquired stakes in companies such as Intel Corp., rare‑earth producer MP Materials Corp., and lithium miner Lithium Americas Corp.
Trump has also actively promoted policies on natural resources abroad. Last year, his administration established a joint investment fund with Ukraine, backed by revenues from the country’s mineral, oil, and gas projects.
The possibility of direct US government involvement in Venezuela’s oil projects highlights how rapidly the industry is changing during the political transition. Major international oil companies have largely maintained a cautious stance toward Venezuela, while more risk‑tolerant independent drillers and investors see the country as the biggest oil opportunity since the collapse of the Soviet Union.
Source: Bloomberg
