Venezuela needs investment in new wells
Letter from Venezuela: A long journey back from the oil wilderness
Lifting sanctions may still be a bridge too far in becoming a sustainable supplier of crude to the US
There is a great irony in the fact that sanctions-blighted Venezuela has some wiggle room in exporting crude to the US given it would be replacing Russian barrels. But the irony may be moot given the difficulty the Latin American country would have in, first, getting sanctions lifted further and, second, ramping up supplies even if restrictions were eased. After the Biden administration looked to bring in new sources of crude imports following the ban on Russian oil, it decided in November 2022 to give Chevron a six-month licence to expand operations and export Venezuelan oil to the US. But strained relations between Caracas and Washington mean there is unlikely to be a flurry of new opportu
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
