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
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
