Venezuela’s oil industry is in disrepair after years of neglect and international sanctions, so it could take years and major investments before production can increase dramatically. Back in 2007, then President Hugo Chávez nationalized much of the oil production and forced major players like ExxonMobil and ConocoPhillips out. Strong demandVenezuela produces the kind of heavy crude oil that’s needed for diesel fuel, asphalt and other fuels for heavy equipment. “There’s been a big benefit for Russia to see Venezuela’s oil industry collapse. Advertisement“For example, a big issue will be who really owns Venezuela’s oil?” Waxman wrote in an email.

Source: Huffington Post January 04, 2026 21:00 UTC