Sanctions Are The Swing Factor In Venezuela’s Oil Comeback
Venezuela's oil industry recovery hinges on sanctions and structural damage. Despite holding the world's largest oil reserves, production has plummeted due to years of mismanagement and the impact of U.S. sanctions since 2019. While structural issues will take years to fix, easing sanctions could lead to a short-term production increase. Chevron, having maintained a presence, could scale operations quickly if sanctions are lifted, while ConocoPhillips faces challenges due to its past expropriation. Overall, sanctions are a critical factor in the potential rebound of Venezuela's oil sector.
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