Global crude oil prices have seen a decline as speculation mounts regarding Venezuela's possible exit from the Organisation of the Petroleum Exporting Countries (OPEC). On Saturday morning, Brent crude was priced at $88.10 per barrel, while West Texas Intermediate (WTI) fell to $83.40 per barrel. This represents a decrease of 0.47% for Brent and 0.16% for WTI, according to a recent market survey.

The decline in prices is linked to a report from Bloomberg suggesting that Venezuela is contemplating leaving OPEC after nearly 30 years of membership. Despite these discussions, the South American nation has not yet made a formal announcement regarding its decision to exit the organization.

In July, Venezuela's oil production was reported at approximately 1.117 million barrels per day, a figure that highlights its significant role within OPEC. Venezuela was one of the founding members of OPEC on September 14, 1960, and its potential departure could have far-reaching implications for the global oil market.

This news comes on the heels of another significant event in the oil sector, as the United Arab Emirates officially exited OPEC earlier this year. The ongoing geopolitical tensions in the Middle East, particularly involving the United States, Israel, and Iran, have further complicated the oil market landscape. Since February 28, these tensions have escalated, especially around the strategically vital Strait of Hormuz, contributing to the volatility in oil prices.

As the situation develops, market analysts will be closely monitoring Venezuela's next steps and the potential impact on global oil supply and pricing. The uncertainty surrounding Venezuela's membership in OPEC adds another layer of complexity to an already fluctuating oil market, prompting concerns among investors and stakeholders worldwide.