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
6 February 2025
Policy initiatives will take time to reverse declining output, and restoring investor confidence is far from certain
6 February 2025
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors
5 February 2025
Growing appetite for LNG reinvigorates discussions between China and Myanmar, but civil war may prevent talk becoming action
5 February 2025
With new capacity, buyers must navigate sanctioned Russian crude, a return to traditional OPEC barrels and diversity of supply