How much will the latest sanctions hurt Venezuela’s oil production and exports, and will the move ultimately result in significantly more pressure on Maduro to step down?
Once a major OPEC producer, Venezuela has witnessed a spectacular fall in oil production over the last 20 years under Hugo Chávez and Nicolás Maduro. In 2019, U.S. sanctions hastened this decline. Will Venezuela ever reclaim its place as a top oil producer?
Lisa Viscidi and Nate Graham spoke with S&P Global Platts about the findings of a new report which argues that Western oil companies will be needed to revive Venezuela’s oil sector. They discuss the obstacles that could affect whether these firms increase production in the country under a new government, including US sanctions uncertainty, high taxes, and a shortage of workers and working infrastructure.
With Venezuela’s state oil company in disarray, international oil companies will be the key to tapping the country’s oil resources. The Inter-American Dialogue interviewed eight large Western oil companies about the conditions that will determine how rapidly, and to what degree, they start or ramp up operations in Venezuela following a political transition.
Top content from the weekly Energy Advisor publications this year.
Top selections from the Latin America Advisor’s editorial staff of issues covering especially important developments during 2019, a remarkable year for Latin America and the Caribbean.
On October 22nd, 2019 the United States Institute for Peace hosted an event on “A Negotiated Solution for Venezuela: Prospects for a Peaceful and Inclusive Settlement” in partnership with the Washington Office on Latin America (WOLA), the Inter-American Dialogue, and Woodrow Wilson Center’s Latin America Program.
On November 6, the Inter-American Dialogue hosted the event “Latin America’s Autumn of Discontent” in order to pinpoint some underlying drivers and discuss the interrelatedness of the mass demonstrations, contentious elections, and constitutional crises facing the region.
2019 marks the first year since new leaders in Brazil, Colombia and Mexico took office. We can now see more clearly the way their policy decisions have affected the energy sector and opportunities for investment. Meanwhile, Argentina holds presidential elections later this month. Venezuela, in turn, faces a worsening economic crisis as oil production plummets. Industry experts, government officials, and corporate representatives convened to discuss these issues and their regional impacts on October 2 at the Inter-American Dialogue.
Venezuelan opposition leader Juan Guaidó and his allies need continued U.S. support to prevent Citgo’s seizure, said Citgo Chairwoman Luisa Palacios.
Are Maduro and the Venezuelan opposition getting closer to a negotiated peace?
La directora del Programa de Energía, Cambio Climático e Industrias Extractivas, Lisa Viscidi, habló con NTN24 sobre el ataque de una refinería en Arabia Saudita, que cortó más de la mitad de su producción del petróleo.
La directora del Programa de Energía, Cambio Climático e Industrias Extractivas, Lisa Viscidi, habló con CNN en Español sobre el cambio climático en América Latina y qué países en la región están más lejos de cumplir con promesas de reducir sus emisiones.
The United States must now reassess its approach. Washington shouldn’t give up its sustained focus on the crisis or its stated objective of restoring democracy and constitutional order, but it does have to accept the facts on the ground and recognize that maximalist demands are unhelpful.
Brazil has vast oil reserves, but can the Bolsonaro government get the energy to market? Lisa Viscidi tells Richard Miles of CSIS that reforms are already in place that will enable oil production “to take off.” The real obstacles are the financial stability of Petrobras, the shaky state oil conglomerate, and the monopoly that the state has on most aspects of energy production, delivery, and even retail sales.