A potential temporary relief to the U.S. sanctions against Venezuela could jumpstart the oil industry in the South American country where output has slumped to a five-decade low
The sanctions, imposed by the Trump Administration, have crippled Venezuela’s crude oil production and exports. But the industry in the nation sitting on the world’s largest crude oil reserves – even bigger than Saudi Arabia’s – had been in a decline for years due to mismanagement, corruption, and a lack of investment in field operations and refinery maintenance by state oil firm PDVSA.
If the Biden Administration further eases the sanctions and allows other Western oil companies to operate in Venezuela, the South American country could ramp up its production by around 200,000 bpd and reach about 1 million bpd in crude output by 2025, analysts say. There could be an opening in the U.S. Administration to allow more companies – other than Chevron – to export crude oil from Venezuela. to be offered to Venezuela if it organizes “free and fair” presidential elections., citing unnamed sources.
If Maduro shows willingness to hold fair and free elections – something he hasn’t been keen on doing for years – Venezuela could be able to increase its oil production. Companies including Eni and Repsol, which are still owed payments by PDVSA, could also receive relief to sell Venezuelan crude.
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Liverpool transfer news - Leroy Sane interest, Ryan Gravenberch boostLiverpool transfer news, rumours, gossip and speculation including the latest on Mohamed Salah, Cheick Doucoure, Manu Kone, Tyler Morton, Piero Hincapie and more
Læs mere »
Poole strongman title bid spurred by lockdown depressionEnglish champion Matthew 'Panda' Smyth took up lifting weights in 2021 to boost his mental health.
Læs mere »
Liverpool transfer news live - Leroy Sane interest, Ryan Gravenberch boostLiverpool transfer news, rumours, gossip and speculation including the latest on Mohamed Salah, Cheick Doucoure, Manu Kone, Tyler Morton, Piero Hincapie and more
Læs mere »
Liverpool transfer news live - Ryan Gravenberch boost, Salah futureLiverpool transfer news, rumours, gossip and speculation including the latest on Mohamed Salah, Cheick Doucoure, Manu Kone, Tyler Morton, Piero Hincapie and more
Læs mere »
Rangers squad vs Ross County as Lawrence and Roofe boost proves usefulRangers must get down to business in the league before the Champions League second leg comes around.
Læs mere »
Shop owners launch new street market to boost footfallThe first Earlsdon Street Market takes place on Sunday in a bid to boost the local economy.
Læs mere »