U.S. sanctions and mismanagement of Venezuela's petroleum industry have led to a drastic decline in production, with the country now only producing 716,000 barrels per day.
Italy’s Eni and Spain’s Repsol to ship Venezuelan crude oil to Europe in exchange for reducing debt owed by PDVSA, although Maduro eventually blocked those shipments. In a somewhat surprising move, Biden further eased sanctions in November 2022 after Maduro agreed to recommence negotiations with Venezuela’s opposition. The U.S. Treasury in Venezuela on the condition that PDVSA doesn’t profit from the petroleum extracted and all oil produced is only exported to the U.S.
When it is considered that Venezuelan production growth has stalled, with the embattled OPEC member only pumping 700,000 barrels per day for February 2023, it is difficult to see how lifting sanctions will materially boost the global oil supply. This is further emphasized by the fact that it will take a to be between $110 billion and $250 billion, invested over a decade to materially boost production.
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