Venezuela is making the most of the global oil shortage, in the wake of the Russian invasion of Ukraine, as the U.S. was forced to make certain concessions on its sanctions on Venezuelan crude to boost its energy security. Oil major Chevron has recommenced operations in Venezuela, and several other markets are gradually increasing their imports of Venezuelan crude, many having long circumvented U.S. sanctions. However, the production rate has not increased as much as many initially expected, leading the Venezuelan oil industry to make greater demands…
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