Crude prices eased on Saturday as traders weighed reports that Venezuela may leave the Organisation of the Petroleum Exporting Countries (OPEC), potentially reshaping the group’s membership after almost 30 years.
Quick facts
- Brent crude: $88.10 a barrel, down 0.47%.
- West Texas Intermediate: $83.40 a barrel, lower by 0.16%.
- Venezuela pumped roughly 1.117 million barrels per day in July.
- Venezuela helped establish OPEC on September 14, 1960.
A market survey put Brent at $88.10 per barrel and West Texas Intermediate, or WTI, at $83.40 during Saturday morning trading. The benchmarks were down 0.47% and 0.16%, respectively, at the time of reporting.
Reports said Venezuela was considering withdrawing from OPEC, though the government had not reached or announced a final decision. The potential departure would come after nearly three decades of membership.
OPEC figures show that Venezuela produced approximately 1.117 million barrels of crude per day in July. The South American country is also one of the five states that created the oil producers’ group on September 14, 1960.
The development follows the United Arab Emirates’ formal withdrawal from OPEC several months earlier.
Oil markets are also facing wider geopolitical pressure. Since February 28, the United States, Israel and Iran have been involved in a conflict that has intensified tensions across the Middle East, especially near the Strait of Hormuz, contributing to sharp swings in crude prices.
