Russia-Venezuela ties are in danger of crumbling
Letter from Caracas: Venezuela and Russia’s fragile oil ties at risk
Moscow’s influence over Caracas uncertain amid upcoming elections and a shift in approach from Washington
Russia has long regarded Venezuela as a geopolitical chess piece, especially in terms of the energy sector, but the recent change in approach from Washington may lead to a breaking point in Moscow’s relationship with Caracas. The Biden administration’s decision to grant Chevron a licence to restart its frozen production in Venezuela was a game-changing move. The ties between Washington and Caracas are clearly in very different shape now to how they were during the government of Hugo Chavez, especially in the context of the war in Ukraine and the changing nature of global oil markets, within which Venezuela could again play an important role as a supplier to the US. Much depends on the politi
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
