Facing the energy crisis, Venezuela’s socialist leader Nicolas Maduro has envisioned his country as a global supplier of oil and gas. “Venezuela is ready and willing to fulfill its role in ensuring a stable and secure supply of the oil and gas the global economy needs,” Maduro said on Wednesday during a visit by the Secretary-General of the Organization of Petroleum Exporting Lands, Haitham Al-Ghais, in Caracas. .
Maduro assured that his country’s oil industry has recovered. Oil production in the socialist country had fallen to an all-time low after years of neglected investment in the sector and facility maintenance. Venezuela currently produces about 700,000 barrels of oil per day, up from 2.3 million barrels per day in 2002.
US sanctions easing
Oil is a hugely important source of income for Venezuela. The US has imposed a series of sanctions on Venezuela for failing to recognize Maduro’s re-election in 2018. A punitive measure imposed in 2019 has banned Venezuela from trading crude oil in the US market. However, in May, the administration of US President Joe Biden announced that it would ease some of its sanctions in the face of soaring energy prices caused by the war in Ukraine.
Maduro is considered a supporter of Russia
Maduro is one of the few leaders in the world to justify Russia’s invasion of Ukraine. The current “crisis” in the energy markets was caused by “unjustified” sanctions against Russia, he said.
In the course of the war in Ukraine, Russia has drastically reduced its natural gas supplies to Europe. European countries are working hard to replace their previous main gas suppliers. However, skyrocketing gas prices and the risk of supply bottlenecks raise fears of a difficult winter.
OPEC faces “critical” challenge
OPEC Secretary General Al-Ghais said during his visit to Caracas that his organization faces a challenge that is “more serious and critical” than the one it has faced since its inception 62 years ago.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
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