Venezuela’s options narrow
Sanctions, the oil price shock and the potential exit of Chevron multiply the country’s misery
Venezuela has had to contend with a series of blows to its already struggling economy and ailing oil sector since the turn of the year. And there is very little sign of light at the end of its tunnel. In February, the US State Department announced a new round of sanctions against a trading subsidiary of Russian firm Rosneft—Venezuela’s principal crude marketer since sanctions forced international firms to shun the country’s oil sector. The sanctions were followed in March by additional measures against another Rosneft arm. The company may now step back from Venezuela as a result, making it yet more difficult for the country to find buyers for its oil. The oil price crisis is compounding Vene

Also in this section
23 May 2025
LNG projects need the certainty of long-term contracts, but Henry-Hub–linked deals put buyers at significant risk
22 May 2025
Industry says compliance is near-impossible and have called for more clarity to prevent cargoes being redirected
22 May 2025
The next energy crisis could come from the severing of the link between oil and gas prices, with potentially severe economic consequences
22 May 2025
With contract awards looming on the Kuwait-Saudi backed Dorra field, the long-stalled gas project appears finally to be gaining traction—despite Iranian objections