Venezuela’s Oil Revival Is Slower Than the U.S. Hoped
More than half a year after the U.S. captured and extracted Nicolas Maduro from Venezuela, the biggest American oil firms haven’t returned to operating oilfields in the world’s largest oil reserves holder. Chevron, which has operated in Venezuela throughout Maduro’s reign, is extracting and exportin
Source: OilPrice.com
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DW NOTE
The U.S. lifted sanctions hoping Venezuela would pump enough crude to offset supply losses elsewhere. Venezuela now produces roughly 900,000 barrels per day — triple the 2020 nadir, but still 70% below the 3.2 million bpd it managed before Chávez nationalised the sector. Two decades of expropriation and deferred maintenance cannot be reversed with a sanctions waiver and wishful thinking.