Venezuela feels the heat
Punishing US sanctions will continue to inflict heavy losses on the country’s oil sector
The Venezuela oil industry has been on a death spiral since 2016, with is roots in the short-sighted policies of presidents Hugo Chavez (1999-2013) and his successor Nicolas Maduro—made worse by the oil price fall of 2014. Both presidents destroyed the national oil company by politicising it, firing its most qualified workers and over-extracting resources from it. The partial expropriation of private operators and service contractors discouraged foreign investment in new projects. In 2019, the collapse trajectory was exacerbated by the imposition of oil sale sanctions by the US. In the last quarter of 2019, production had fallen to c.650,000-700,000bl/d, about half of the 1.3mn bl/d a year
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
