Venezuelan oil: is it possible to come back?

Fluctuations in the world oil market are reflected in the economic state of Venezuela, as well as in the domestic policy and foreign policy of the country. In the last decade, the country has been experiencing a severe crisis, which is largely the result of a collapse in oil production. The fall in world oil prices, Venezuela's loss of the status of the most reliable supplier of hydrocarbons to the US market, the introduction of US sanctions against the Venezuelan oil industry – these factors are the catalysts for negative trends in the economic and political life of Venezuela.

A number of changes are brewing in world markets, which are caused by the systematic underfunding of the fuel and energy complex and sanctions by the United States. These changes open up a new window of opportunity for Venezuela and its oil industry. Venezuela's hydrocarbon resources may be in demand due to the growth in energy consumption in the process of global economic recovery after the coronavirus pandemic. Close economic ties with China and countries under sanctions could provide Venezuela with the investment it needs to rebuild its oil industry.

Keywords

Venezuela, oil, energy policy, climate agenda, energy transition, sanctions, China

Received

16.02.2022

Publication date

04.04.2022

Number of characters

38250

Cite

GOST	Andrianov V. Venezuelan oil: is it possible to come back? // Latin America – 2022. – Issue 4 C. 55-72 [Electronic resource]. URL: https://latamerica-journal.ru/S0044748X0019317-7-1 (circulation date: 06.05.2024). DOI: 10.31857/S0044748X0019317-7
MLA	Andrianov, Valerii "Venezuelan oil: is it possible to come back?." Latin America 4 (2022):55-72. DOI: 10.31857/S0044748X0019317-7
APA	Andrianov V. (2022). Venezuelan oil: is it possible to come back?. Latin America (4), pp.55-72 DOI: 10.31857/S0044748X0019317-7

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