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Market Chatter: Venezuela Weighs OPEC Exit Amid Deepening US Ties

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Venezuela is considering leaving OPEC as it deepens ties with the US, Bloomberg reported, citing people familiar with the matter.

The idea has been discussed with US officials, though no final decision has been made, according to the report.

The potential exit comes as Washington takes greater control of Venezuela's oil sales and negotiates a possible stake in the country's oil fields, Bloomberg said. Venezuela produced 1.16 million barrels a day in July, according to a Bloomberg survey, with output rising this year.

Bloomberg said Venezuela's departure would likely have little immediate impact on global oil markets given its diminished production, but could raise fresh questions about OPEC's cohesion and ability to influence crude prices.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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