Brent crude was trading at $88.10 per barrel, while West Texas Intermediate (WTI) stood at $83.40 per barrel, according to a crude oil market survey. The figures represented declines of 0.47 per cent for Brent and 0.16 per cent for WTI at the time of reporting.
The modest decline came amid a report by Bloomberg that Venezuela is considering a possible withdrawal from OPEC after almost three decades as a member of the influential oil producers’ group.
Venezuela, however, has not officially reached a final decision on whether to leave the organisation. Any confirmed departure could attract significant attention from the international oil market, given the country’s large crude reserves and its long-standing role within OPEC.
According to OPEC data, Venezuela produced approximately 1.117 million barrels of crude oil per day in July. The South American nation is also one of the five countries that founded OPEC on September 14, 1960, alongside Iran, Iraq, Kuwait and Saudi Arabia.
The possibility of Venezuela leaving OPEC comes at a time when the organisation has faced changes in its membership. The United Arab Emirates formally exited the group earlier, adding to questions over the future composition and influence of the oil-producing bloc.
Market participants are also keeping a close watch on geopolitical developments that have continued to influence crude prices.
Since February 28, the United States, Israel and Iran have been engaged in a conflict that has intensified tensions across the Middle East, particularly around the strategically important Strait of Hormuz. The development has contributed to volatility in the oil market as traders assess potential risks to global crude supplies and energy shipments.
The Strait of Hormuz is a major route for international oil transportation, meaning any prolonged disruption or threat to shipping through the waterway could have significant consequences for global energy markets.
With geopolitical tensions remaining elevated and uncertainty surrounding Venezuela’s reported OPEC plans, analysts and investors are expected to continue monitoring developments closely. Changes in OPEC membership, production levels and the security of major oil shipping routes could all play a role in determining the direction of crude prices in the coming weeks.