Global oil prices drop as Venezuela plans to exit OPEC

Global crude oil prices declined amid speculation over Venezuela’s planned exit from the Organisation of the Petroleum Exporting Countries, OPEC.

A crude oil market survey showed that Brent and West Texas Intermediate, WTI, dropped to $88.10 and $83.40 per barrel, respectively, on Saturday morning.

This means that Brent and WTI prices dropped by 0.47% and 0.16%, respectively, at the time of reporting.

This comes amid a report by Bloomberg about Venezuela’s proposed exit from OPEC after nearly three decades of membership. However, the country has not officially made a final decision on the proposal to exit OPEC.

Venezuela produced about 1.117 million barrels per day in July, according to OPEC data.

The country is one of the five members that founded OPEC on September 14, 1960.

This comes months after the United Arab Emirates officially exited OPEC.

DAILY POST reports that since February 28, the United States, Israel and Iran have been engaged in a conflict that has heightened tensions in the Middle East, particularly around the Strait of Hormuz, leading to volatility in oil prices.