Is the West’s 100-Year Venezuela Oil Bet About To Backfire?
Centuries ago, the untamed jungles of Venezuela’s Orinoco Basin helped power the myth of El Dorado, a city made entirely of gold. But for the new adventurers staking a claim in the country’s black gold instead, there is no myth involved, but rather the world’s largest crude oil reserves of 303 billi
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been closed for 220 days and global oil supply is down 6% — yet Brent trades at $100, down 15% from its one-year high. Venezuela's output peaked at 3.5 million barrels per day in 1998 and fell to 500,000 by 2020. Any Western bet on material Venezuelan production requires infrastructure that doesn't exist and technical capacity that emigrated a decade ago.