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
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
