business ⛽ Venezuela might bail on OPEC after decades of involvement
Venezuela is currently considering withdrawing from the Organization of the Petroleum Exporting Countries, according to recent reports. This discussion involves U.S. officials and has been ongoing for several months. In July, Venezuela produced around 1.117 million barrels per day and is currently exempt from production quotas. Historically, Venezuela was a key founding member of OPEC back in 1960. The potential departure comes as other nations like the UAE have also recently left the organization. ⛽