ABSTRACT
This chapter explores the evolution of Venezuela in the Organization of the Petroleum Exporting Countries (OPEC) and the role that OPEC has played for Venezuela as a major oil producer and landlord state. Drawing on literature on norm diffusion and the spread of ideas as well as the historiography of organization, it highlighted the role of Venezuela as norm entrepreneur that helped constitute the principles that underpin OPEC. OPEC initiated a gradual shift in the balance of power away from International Oil Companies to producer states. The chapter explains the paradoxical shift of Venezuela from a founding member of the organization to follower and reluctant overachiever. The objectives of the new oil policy promoted by Chavez centered around the following main issues. The issues are strengthening OPEC and bringing Venezuela back to its traditional landlord position of defending prices, restoring regulatory capacity of the Ministry of Energy and Mines over the industry in general and over Petroleos de Venezuela.
