For oil markets, Venezuela is a footnote in an age of abundance. Yet, oil production by the two nations tells a starkly different story. Carole Nakhle, CEO of Crystol Energy, an energy advisory firm, said Venezuela’s oil industry was already hollowed out long before the sanctions. For oil markets, Venezuela is a footnote in an age of abundance. Venezuela alone cannot end it.”Trump said US companies will help rebuild Venezuela’s oil industry.

Source: The North Africa Journal January 05, 2026 21:24 UTC