International companies in Venezuela in focus as US takes over oil management
Critics of the US approach say the policy risks deepening geopolitical tensions and amounts to exerting undue pressure on Caracas to grant access to its oil reserves.
Image: AFP
International oil companies in Venezuela are in the spotlight amid Washington’s push to influence control of the country’s vast oil sector following the US capture of President Nicolás Maduro.
International oil companies in Venezuela are in the spotlight amid Washington’s push to influence control of the country’s vast oil sector following the US capture of President Nicolás Maduro.
Image: Graphic News
US President Donald Trump announced that Venezuela’s interim authorities will transfer between 30 million and 50 million barrels of sanctioned crude to the US, to be sold at market prices with the proceeds managed by the US government.
The deal, potentially worth up to $3 billion, marks a significant escalation in US involvement in Venezuela’s oil industry. It comes as part of a broader strategy to “free up” blocked Venezuelan oil flows after Washington imposed a blockade that had left millions of barrels of crude stranded in storage.
Analysts warn that Venezuela’s oil production could face further disruption if storage shortages continue, underscoring the fragile state of the country’s energy sector.
Critics of the US approach say the policy risks deepening geopolitical tensions and amounts to exerting undue pressure on Caracas to grant access to its oil reserves.
Graphic News