US secures 17 Venezuelan oilfields as OPEC exit stays undecided

President Trump told reporters he was 'not sure' whether Venezuela would leave OPEC, adding: 'It's their decision. It really depends on them.' The comment follows a Bloomberg report last week indicating Venezuela was considering an exit after more than six decades as a member, a move that would strip OPEC of one of its founding states.

The speculation comes against a backdrop of fast-deepening US-Venezuela oil ties. Since US forces detained former president Nicolas Maduro in January, Washington has closely tracked Venezuela's oil sector, and the two countries have since struck a major supply agreement with international trading firms that has already lifted Venezuelan crude exports to the US. On Friday, Trump went further, announcing a deal for the US to secure 17 Venezuelan oilfields holding roughly 64 billion barrels of proven reserves, around a fifth of the country's total, with potential output of up to 1.5 million barrels per day.

What this means for UK buyers

For UK commercial energy buyers, this is a story to log rather than act on. Venezuela's OPEC status has no immediate bearing on Brent crude pricing or NBP (National Balancing Point) gas contracts, and Trump's remarks stopped short of confirming any decision. But the direction of travel, a major producer nation pulled further into US commercial and political orbit, is the kind of structural shift that shows up in oil supply forecasts over a longer horizon.

• Venezuela's proven reserves under the new US oilfield arrangement (64 billion barrels)
• Potential added US-bound supply (up to 1.5 million barrels per day)
• OPEC membership risk following the UAE's exit
• Reported commitments from Exxon Mobil and Chevron to invest in Venezuelan production
• Any formal Venezuelan announcement on OPEC status

Trump also said on Monday that major US companies, including Exxon Mobil and Chevron, are committed to investing in Venezuela, though he gave no further detail on scale or timing. Reuters noted the comments came directly from Trump's remarks to reporters, with no confirmation yet from either company.

Nothing here changes a UK buyer's renewal calendar today. The point to watch is whether Venezuela follows the UAE out of OPEC: a confirmed exit, combined with rising US-bound Venezuelan barrels, would be a genuine supply-side data point for Brent forward curves, and worth revisiting when it lands.