WTI Crude in Focus as Venezuela Mulls Exit From OPEC

Venezuela, one of OPEC's founding members, is reportedly considering leaving the organization after more than six decades of membership, with US officials reportedly aware of the discussions. Caracas pumped approximately 1.117 million barrels per day in July per OPEC's own secondary source data, a relatively modest share of the cartel's total output but symbolically significant given the country's founding role.

Should Venezuela formally exit, WTI traders may need to reassess assumptions around OPEC+ cohesion and quota compliance. A fracturing coalition could complicate future production-cut coordination, adding another layer of uncertainty to medium-term supply forecasts even as near-term WTI price action remains driven more by geopolitical headlines than cartel politics.