Venezuela Helped Build OPEC. Now It May Help Break It Apart
Venezuela helped create OPEC. More than six decades later, it is considering walking away, and Washington appears perfectly happy to hold open the door. Caracas is weighing whether to leave the Organization of the Petroleum Exporting Countries, Bloomberg reported Friday, citing people familiar with
Source: OilPrice.com
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DW NOTE
OPEC was built on the premise that producers could throttle output to command prices. Venezuela now pumps 800,000 barrels per day — down from 3.5 million in 1998 — not because it chose restraint but because its state oil company cannibalised itself through corruption and capital starvation. That's not quota discipline, that's industrial collapse dressed up as geopolitical leverage.