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
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
