The cartel that has set the price of oil for 60 years is coming apart.
The UAE walked out in April. Now Venezuela, a founding member since 1960, is mulling the same. Those two exits pull more than 5 million barrels a day, roughly 17% of core OPEC capacity, out of the group.… pic.twitter.com/FskjJ6TTYb
— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) August 28, 2026
August 28, 2026 — Venezuela considers leaving OPEC as US seeks long-term access to its oil
Venezuela is considering leaving OPEC while Washington negotiates access to 17 Venezuelan oil fields, potentially allowing American producers to develop both mature fields and new projects in the Orinoco Belt. That could eventually put more Venezuelan production outside OPEC restrictions.
August 28, 2026 — Trump says US is taking partial control of Venezuela’s vast oil reserves
Trump said the US has secured majority control over more than 65 billion barrels of Venezuela’s proven reserves, with almost $100 billion in potential private investment discussed. That makes Venezuela’s possible OPEC exit much more significant because its future production could increasingly be developed outside the cartel’s old framework.
August 27, 2026 — OPEC+ loses oil market sway in Iran war as China gains influence
OPEC+’s share of global oil production has fallen from over 48% before the war to around 40% in July. China has also cut crude imports by about 400 million barrels compared with the previous year, giving Chinese demand a much larger role in determining prices.
August 4, 2026 — Oil traders set to wind down UAE exchange positions after ADNOC benchmark change
ADNOC plans to stop using Murban futures for its official selling prices from November 1 and move to Platts Dubai pricing. At the same time, the UAE is targeting 5 million bpd, after producing around 4.1 million bpd. The country is effectively building its own production and pricing strategy outside OPEC.