Venezuela’s Oil Comeback Could Cost More Than $100 Billion
The Trump Administration is touting the new oil order in Venezuela as a tremendous opportunity for reviving the industry in the world’s biggest crude oil resource holder. The U.S.-led restructuring of the sector kicked out Russian and Chinese companies out of previously awarded concessions, and spur
Source: OilPrice.com
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DW NOTE
Venezuela last exported more than 2 million barrels a day in 2016. It now exports less than 800,000. The $100 billion figure assumes someone will finance infrastructure rebuilding in a country that has defaulted twice in six years, nationalized every major foreign oil investment since 2007, and whose state oil company is still under U.S. sanctions. The oil is there. The capital isn't.