With Brazil recently joining OPEC+, the global oil landscape is shifting, raising questions about which countries in South America and the Caribbean hold influence in the Organization of the Petroleum Exporting Countries (OPEC). Despite Brazil’s inclusion in OPEC+, Venezuela remains the only full OPEC member from South America, a status it has held since the organization’s founding in 1960. While other countries, such as Ecuador, have left OPEC, and Brazil is participating in a limited capacity, Venezuela continues to be South America’s strongest representative in the global oil cartel.

Venezuela’s role in OPEC has historically been significant. As a founding member, it has shaped OPEC’s policies and remains one of the world’s largest oil reserve holders. Despite its economic and political struggles, Venezuela continues to rely heavily on oil exports, which account for over 90% of its total export earnings. Unlike Brazil’s non-binding participation in OPEC+, Venezuela is subject to OPEC’s production quotas and regulations, meaning its oil policies are more aligned with the interests of major producers like Saudi Arabia and the United Arab Emirates.

Brazil’s decision to join OPEC+ is notable, but it does not grant the country the same level of influence as Venezuela. OPEC+ includes both OPEC members and 10 other major oil-producing nations, including Russia. Brazil’s participation allows it to engage in oil market discussions, but without the obligation to follow OPEC’s strict production limits. This flexible membership gives Brazil economic benefits without binding restrictions, unlike Venezuela, which must comply with OPEC’s output control measures. Ecuador, another former OPEC member, left the organization in 2020, stating that its oil production strategies required more independence from the cartel’s regulations.

In the Caribbean region, there are no OPEC members, though oil-rich nations like Trinidad and Tobago have significant production levels. However, these smaller economies have not pursued OPEC membership due to the organization’s strict quotas and global policy commitments. Venezuela remains the dominant oil producer in the region, despite challenges such as U.S. sanctions, declining infrastructure, and internal political turmoil. Its OPEC membership gives it a seat at the table in global energy discussions, a privilege that no other South American country currently holds.

As the oil market evolves, Venezuela’s continued role in OPEC will be closely watched, especially as countries like Brazil seek to expand their global influence through OPEC+. While Brazil’s participation strengthens its economic positioning, Venezuela remains the sole South American voice in OPEC’s decision-making process. With global energy transitions and climate concerns increasing, the role of oil-producing nations like Venezuela and Brazil will become even more critical in shaping the future of the industry.