Venezuela Considers Leaving OPEC in Blow to Oil Cartel
Speakers
Stephen Stapczynski
— Asia Energy Coverage, Bloomberg
Summary
Bloomberg's Stephen Stapczynski discusses Venezuela's potential exit from OPEC and what it means for the cartel. He argues OPEC's influence is waning as members leave and US shale production grows. Saudi Arabia may increase production while US energy influence rises.
- Venezuela is reportedly considering leaving OPEC.
- Stephen Stapczynski says OPEC continues to shed members and lose supply influence.
- Rising US shale oil output and exports helped fill gaps after the Middle East crisis.
- Saudi Arabia may drastically increase production and faces questions over quota control.
- US energy influence appears to be increasing, potentially with a stake in Venezuela.
Ideas
OPEC influence wanes as members exit.
OPEC and OPEC+ are losing members and supply control, with Venezuela potentially leaving and the UAE already gone. Saudi Arabia is losing influence and may drastically increase production, while rising US shale output and exports reduce the cartel's ability to push oil markets in its preferred direction.
US shale influence is increasing.
The US is a large and rising oil and gas producer because of the shale boom, US oil and product exports have helped fill supply gaps after the Middle East crisis, and Washington may take a stake in Venezuela, increasing US energy influence.
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Speakers: Stephen Stapczynski · Tickers: WTI, XLE