Finance· Commodities

Venezuela’s Oil Revival Gains Momentum

The United States’ plans to revitalize Venezuela’s oil sector are moving at a snail’s pace. But it seems that plans are finally falling into place, with two different U.S.

By AI NewsroomPublished 2 days agoUpdated about 18 hours ago2 views

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Key Facts

Fact 1: “And Texas producer Hunt Oil became one of the first to sign a production agreement with state-owned PDVSA.” While Venezuela is home to approximately 17 percent of the world’s oil, with an estimated 303 billion barrels, it is responsible for just one percent of the world’s oil supply after decades of underinvestment, mismanagement, and sanctions.
Fact 2: The deals under development will likely only increase the country’s oil production by 300,000 barrels a day over the next year, though officials in Caracas and Washington had previously talked a big game about an increase in the millions of barrels.
Fact 3: According to Under Secretary of Energy Kyle Haustveit, more than 500,000 barrels per day are now moving from Venezuela to the US.
Fact 4: While this is not the volume that Washington had hoped for, it’s a massive share of Venezuela’s total output of about 1.25 million barrels per day.

The United States’ plans to revitalize Venezuela’s oil sector are moving at a snail’s pace. But it seems that plans are finally falling into place, with two different U.S.

companies – SLB and Hunt Oil – announcing deals with the Venezuelan state oil company PDVSA last week. Reports indicate that deal announcements will continue to accelerate in the coming weeks as international oil companies eagerly seek to get a piece of the planet’s largest proven oil reserves. “Oilfield service provider SLB will provide AI software to facilitate drilling, and said it is working to import oil rigs into the country,” Semafor reported last week on the newly inked deals.

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