Extraction and refining of what is basically sludge will be costly to the planet. In a word, Venezuela’s oil may be abundant but it can never be cheap. Given the looming global oil surplus, it might not even make sense to invest in modernizing the cursed country’s oil sector. So there: Venezuela’s oil is not about to be flowing generously to flood the market and push prices down. The cost of extracting and refining thick and viscous sludge sets a basic price for the commodity that the global market may not be willing to pay.

Source: Philippine Star January 09, 2026 16:37 UTC