Global oil prices have declined amid reports that Venezuela is considering leaving the Organisation of the Petroleum Exporting Countries (OPEC), raising fresh concerns over the future direction of the global oil market.
A crude oil market survey showed that Brent crude fell to $88.10 per barrel, while West Texas Intermediate (WTI) dropped to $83.40 per barrel on Saturday morning.
At the time of reporting, Brent and WTI prices had declined by 0.47% and 0.16%, respectively.
The decline came amid a Bloomberg report that Venezuela is considering withdrawing from OPEC after nearly three decades of membership. However, the country has not officially made a final decision on the proposed exit.
Venezuela produced about 1.117 million barrels of crude oil per day in July, according to OPEC data, meaning any decision by the South American oil producer could attract significant attention in the global oil market.
Venezuela is also one of the five countries that founded OPEC on September 14, 1960.
The development comes months after the United Arab Emirates officially exited OPEC, adding to recent changes within the oil-producing group.
Meanwhile, global oil markets remain highly sensitive to geopolitical developments. Since February 28, the United States, Israel and Iran have been engaged in a conflict that has heightened tensions across the Middle East, particularly around the strategically important Strait of Hormuz.
The tensions have contributed to volatility in oil prices, with developments involving major oil-producing countries closely watched by governments, businesses and consumers around the world.
