Venezuela’s capacity to raise production and exports remains uncertain
Venezuela’s crude capacity in question
Speculation over potential sanctions deal sparks debate on country’s capacity to raise output
Venezuela’s oil sector and exports have long been burdened by economic sanctions, chronic underinvestment and decaying infrastructure, which have chipped away at both production capacity and export volumes. But the fallout from Russia’s invasion of Ukraine has left Western nations scrambling for additional crude, so a recent visit to Caracas by Biden administration officials spurred speculation the US might reach an agreement with Venezuela to loosen restrictions on its barrels. Subsequent State Department press briefings have dodged questions about Venezuelan crude, instead claiming the diplomatic mission was about securing the release of detained US citizens and “urging the Maduro regime…
Also in this section
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
