Is Venezuela officially leaving OPEC, and what is the current status of its potential exit?

No, Venezuela is not officially leaving OPEC yet; according to people familiar with the matter, it is 'closely examining plans to leave' and the idea has been discussed with US officials, but 'no final decision has been made.' The Venezuelan Information Ministry did not respond to requests for comment, and the White House spokesperson had no immediate comment.

What are the main motivations behind Venezuela's consideration of exiting OPEC?

The primary motivations include deepening US-Venezuela ties under the Trump administration, freeing Venezuela from any potential future OPEC production quotas to maximize long-term output and lower prices, enabling unfettered US pursuit of oil sector plans, and supporting a broader US vision of an alliance that would 'greatly diminish OPEC’s influence'—a goal aligned with Trump’s long-standing criticism of OPEC’s role in raising oil prices for American consumers.

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