Subscribe  Log in | Register | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Licensing rounds
Search
Related Articles
Letter from China: Taiwan tensions expose energy risks
China’s heavy reliance on energy imports means it too would be vulnerable in the event of armed confrontation
Letter from the Middle East: Opec balances Russia and the West
The cartel is happy to wait for further developments before committing to more drastic action
Russian seaborne crude exports slow
China and India remain the most important customers for Russian volumes
China’s energy demand faces headwinds
Economic difficulties mean the outlook for H2 remains highly uncertain despite planned stimulus measures
Cheniere and Petrochina ink LNG deal
US exporter has signed another long-term supply agreement, this time with a Chinese buyer
Why a Russian oil price cap is unlikely to work
The notion of a limit on Putin’s oil export revenue is attractive, but it will be virtually impossible to make it work in practice
G7 targets Russian access to tanker insurance
Group wants to cut Moscow’s hydrocarbon revenues, but even the most stringent sanctions have their limits out at sea
High crude prices to persist in Q3 – Rystad
Consultancy sees Brent potentially averaging $120/bl in Q3, but the outlook remains mixed
Letter from Beijing: Refiners hoping for summer rebound
Easing of Covid restrictions looks set to lead to surge in domestic travel
Japan faces energy supply crisis
The import-dependent nation is increasingly reliant on expensive spot LNG cargoes
Venezuela Russia China
Jose La Rosa Reyes
1 February 2021
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

Venezuela’s allies choose divergent paths

Support from strategic partners Russia and China has helped the Latin American regime endure punishing economic sanctions. But over time their approaches have begun to deviate significantly

Venezuelan president Nicolas Maduro’s capacity to retain power depends on multiple factors: an ideologically divided political opposition, strong loyalty among higher ranks of the country’s military and an efficient authoritarian apparatus built to persecute and crush dissent. But, beyond these domestic factors, both China and Russia have been key allies for Venezuela, providing an economic lifeline for the beleaguered former oil giant. Venezuela’s oil industry is far from its heyday. Years of mismanagement, deficient basic services and economic sanctions have all taken their toll. Daily production fell from about 3mn bl/d in 2010 to 362,000bl/d in Q3 last year, the lowest level since 1940.

Welcome to the PE Media Network

PE Media Network publishes Petroleum Economist, Hydrogen Economist and Transition Economist to form the only genuinely comprehensive intelligence service covering the global energy industry

 

Already registered?
Click here to log in
Subscribe now
to get full access
Register now
for a free trial
Any questions?
Contact us

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
Letter from China: Taiwan tensions expose energy risks
Opinion
11 August 2022
China’s heavy reliance on energy imports means it too would be vulnerable in the event of armed confrontation
Hibiscus blossoms in Southeast Asia
11 August 2022
The Malaysian independent sees the region as an increasingly important part of the world’s energy system, says managing director Kenneth Pereira
Is floating LNG coming of age in Africa?
11 August 2022
Offshore liquefaction projects seem well-suited for the continent’s upstream
Little love lost as Serica and Kistos walk away
10 August 2022
Neither firm will pursue their offer for the other, but they may look elsewhere

Share PDF with colleagues

COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Send
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
  • Twitter
Tweets by Petroleum Economist
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2022 The Petroleum Economist Ltd
Cookie Settings
;

Search