(Leonardo Fernandez Viloria/Reuters) Photo: (Leonardo Fernandez Viloria/Reuters)In 2007, Chavez dramatically expanded the nationalization of the oil industry. Although Venezuela’s oil industry is subject to strict U.S. sanctions, Chevron is allowed to pump oil and export it under a special licence. Venezuela’s oil infrastructure degraded badly under Chavez and Maduro. Miller’s comments suggest that decisions about Venezuela’s oil industry are no longer in the hands of Venezuela. Why does China need their oil, why does Rus­sia need their oil, why does Iran need their oil?

Source: CBC News January 07, 2026 01:21 UTC