Displaying items by tag: oil supplies

With fears that the war in Ukraine could push global energy prices even higher, Washington recently met Venezuelan president Nicolás Maduro to discuss conditions for repealing the crippling US sanctions in place against his country. Washington, which broke off relations in 2019 over Maduro’s rigged elections and crackdowns on opposition protests, is reportedly demanding free and fair presidential elections and extensive reforms to the Venezuelan oil sector. Maduro, for his part, wants an end to the sanctions and to be readmitted to the SWIFT global financial platform. Venezuela is a close ally and partner of Russia. Some members of Congress have criticised any effort to rekindle relations, saying that efforts to isolate Putin should not boost other authoritarian leaders. Aside from the political whiplash of resuming oil trade, Venezuela’s oil fields have long suffered from mismanagement. Some industry analysts say it could be slow to increase supply. See