“But first you need political stability and clarity.”He said restoring peak oil production there would cost up to US$100 billion ($173.3b) and take roughly a decade. Venezuela’s power grid is on the brink, creating an uncertain outlook for oil production, which requires massive amounts of energy. US oil production soared during the Biden administration, but the pace of growth has slowed since Trump returned to office, with some forecasts predicting declines this year. One of her energy advisers, Evanan Romero, a former Venezuelan oil executive and government minister, stressed in an interview that if the oil firms wish to return, “we will welcome them”. “They will make money, Venezuela will make money,” he said.

Source: New Zealand Herald January 04, 2026 03:03 UTC