Oil prices dip on talk of Venezuela quitting OPEC

Global crude oil prices fell amid speculation that Venezuela plans to leave OPEC after nearly three decades of membership.

Brent and WTI slipped to around $88.10 and $83.40 per barrel respectively on Saturday, down 0.47% and 0.16%.

The move followed a Bloomberg report on Venezuela’s proposed exit, though the country has not made a final decision.

Venezuela, which pumped about 1.117 million barrels per day in July, is one of OPEC’s five founding members from 1960.