The company of a Texas billionaire oilman announces plans to rehabilitate five Venezuelan oil fields just days after Biden put the brakes on sanctions relief. “This will be a test of U.S. sanctions whether they get a license or not,” said Monaldi.
“Venezuela could add 200,000 barrels a day by 2025 & reach 1 million barrels per day as a result of successful negotiations & new issuing of licenses,” fellow Francisco Monaldi said of the Biden administration’s recent talks to lift sanctions against Venezuela.
Brazil is importing more Russian refined products and reducing imports from the U.S., leading to lower diesel prices. Fellow Francisco Monaldi explains why the U.S. lacks the political will to sanction countries that continue to buy the barrels.
Venezuela’s rise in oil production after 2021 was mostly driven by the exploitation of idle crude capacity. But that idle capacity is over unless national oil company PDVSA opens new wells, said fellow Francisco Monaldi.
“Projects off the Caribbean coast of Venezuela offer natural gas export options for more than a decade of development,” says fellow Francisco Monaldi, amid reports that the country is pivoting to natural gas exports in an effort to revive its economy.