Caracas turns to capitalism for survival
Venezuelan government makes moves to liberalise oil sector as economic sanctions push production to 50-year low
President Nicolas Maduro easily achieved his political goals in 2020, if, of course, you take Venezuela’s ever-present economic and social chaos out of the mix. He routed the hardline opposition and reinforced his power with a rigged National Assembly election victory in early December. The regime will now concentrate on economic reactivation and political consolidation. Top of the agenda are legally questionable reforms in support of urgently required investment, particularly targeting the collapsed oil sector. Crude output has sunk to its lowest in living memory and crippled the wider economy. Socialist dogma is being tactically abandoned in favour of a more pragmatic approach. Unveiled in
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27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
