Soaring energy prices, triggered by Russia’s invasion of Ukraine and diminished global production, have brought the focus back onto Venezuela, an OPEC member who was a major petroleum exporter and holds the world’s largest oil reserves. Strict U.S. sanctions effectively cut Venezuela off from global energy and capital markets, not only accelerating the strife-torn country’s economic and humanitarian crises but impacting global crude oil supplies. The near-failed state is seen by oil industry insiders and analysts as a solution…
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