Bloomberg news agency, citing informed sources, reported that Venezuela is closely reviewing plans to leave the Organization of the Petroleum Exporting Countries.

Based on this report, the idea of leaving has been raised in talks with U.S. officials, and no final decision has been made yet.

Venezuela, along with Iran, Iraq, Kuwait and Saudi Arabia, founded this organization in 1960. The possible exit by Venezuela reflects a broader political reshuffling in Caracas. The review of leaving OPEC is being raised at the same time as the United States moves into Venezuela’s oil industry.

The near-term impact of Venezuela’s exit on global supply will be limited, because the country’s production remains far below historical levels, but its symbolic and structural blow would be heavy.

The United Arab Emirates announced its exit from OPEC in late Farvardin in order to take advantage of its excess production capacity. Iraq also made public its long-standing complaints about production quotas in Khordad and raised the possibility of leaving, though it later backed down.