Venezuela’s Vast Oil Wealth Could Become The World’s Largest Stranded Asset ...Middle East

President Joe Biden’s decision to authorize U.S. supermajor Chevron to recommence lifting crude oil in Venezuela breathed hope into President Nicolas Maduro’s plans to rebuild the country’s shattered oil industry. The harsh January 2019 sanctions imposed by Biden’s predecessor Donald Trump cut Caracas off from global energy and financial markets, nearly bankrupting Venezuela. That caused petroleum production to spiral lower and Venezuela’s economic as well as humanitarian crisis to accelerate, further impacting Caracas’…

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