Letter from Venezuela: A long journey back from the oil wilderness
Lifting sanctions may still be a bridge too far in becoming a sustainable supplier of crude to the US
There is a great irony in the fact that sanctions-blighted Venezuela has some wiggle room in exporting crude to the US given it would be replacing Russian barrels. But the irony may be moot given the difficulty the Latin American country would have in, first, getting sanctions lifted further and, second, ramping up supplies even if restrictions were eased. After the Biden administration looked to bring in new sources of crude imports following the ban on Russian oil, it decided in November 2022 to give Chevron a six-month licence to expand operations and export Venezuelan oil to the US. But strained relations between Caracas and Washington mean there is unlikely to be a flurry of new opportu
Also in this section
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing