Venezuela is considering withdrawing from the Organization of the Petroleum Exporting Countries (OPEC).

Operativ Media reports that Bloomberg has released information on this.

Caracas has reportedly discussed the matter with U.S. officials, though no final decision has been made yet.

The agency notes that Venezuela's withdrawal from OPEC could pave the way for broader participation in the country by international oil companies from the U.S. and other nations.

OPEC is an intergovernmental organization established in 1960 to coordinate oil production policies, ensure steady oil supplies, and stabilize markets. The initiative to establish the organization came from major oil-producing nations: Iraq, Iran, Saudi Arabia, Kuwait, and Venezuela.