South America's desperados
Latin America's two Opec members needed the deal to cut and Venezuela will probably shed even more output than it agreed
Perhaps no Opec member went into the group's November meeting needing a deal as badly as Venezuela. After years of economic mismanagement, only higher crude prices will help to alleviate a cash crunch that has crippled Venezuela's economy and almost pushed its state oil company to the brink of financial ruin (see our longer report on Venezuela). Eulogio del Pino, the head of state company PdV and the country's oil minister at the time, relentlessly toured oil capitals over the past two years, trying to make the most of his country's dwindling influence within Opec to piece together a deal. In the end, Vienna was a victory lap. Venezuela's contribution to the deal will be a 95,000-barrel-day
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
