Reports that Venezuela’s oil sector appears to be seeking an unlikely near-term recovery, in the face of sustained efforts by the United States to further squeeze the Maduro administration through an embargo that restricts oil exports are beginning to appear increasingly credible, according to reports in the international oil and gas media.
Up to just over a week ago, the Manhattan-based financial, software, data and media company, Bloomberg LP, was reporting that while up to a year ago the Venezuelan oil and gas industry had been dismissed as “a catastrophe too beaten down and too mismanaged ever to regain relevance,” evidence is reportedly emerging that rumours of its demise may well have been greatly exaggerated.
With recent international oil price jitters having worsened on account of oil supply concerns arising out of Russia’s ongoing invasion of Ukraine and, according to Bloomberg, “traders scrutinizing far-flung corners of the globe for signs of future production,” Venezuela’s oil industry is mounting “an unexpected recovery at the most opportune time.”
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