Smaller players are eager to recommence talks with Venezuela over its crude oil opportunities before the majors start their attack. The eventual easing of sanctions on Venezuelan oil under President Joe Biden’s Administration could allow Venezuela to once again take centre stage in Latin American oil. President Maduro recently stated on national television, “I want to tell investors from the U.S. and around the world that Venezuela’s doors are open for oil investment”. Since 2019, U.S. sanctions on Venezuela have had a dramatic impact on the country’s oil sector, which previously fuelled its economy thanks to its 300-billion-barrel crude supply. While its production capacity remains strong, the sector will require greater foreign investment in exploration and extraction if it hopes to meet its full potential. Maduro is expected to pass a law that will end state-owned Petroleos de Venezuela SA’s (PDVSA) monopoly over the country’s oil industry. This law […]