#1
#1 out of 160.7K est. views
world19h ago
The US wants to remake Venezuela’s oil industry. History stands in the way
- Venezuela holds the world’s largest oil reserves, but heavy, sour crude makes it hard to monetize.
- US sanctions and political turmoil have hollowed out PDVSA and deter investment.
- Venezuela’s oil production fell by about two-thirds from 2015 to 2025 amid neglect and turmoil.
- The country relies on diluents and foreign refiners to process its heavy crude.
- China emerged as Venezuela’s top buyer as the US reduced imports.
- Venezuela experimented with pricing oil in yuan and non-dollar payments to bypass sanctions.
- U.S. officials sought to selectively ease sanctions to facilitate limited oil deals with Caracas.
- Oil executives express caution over contract terms and asset risk in Venezuela.
- By 2025, U.S.-imposed tanker seizures highlighted enforcement and reputational risks for trade with Venezuela.
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