Venezuela is no longer the front runner in oil reserves, even with political shift pushing US companies to re-enter. Plus not to mention the face that there's years of infrastructure deterioriation to take into consideration, along with the political instability there. Let's not forget what happened to Exxon & ConocoPhillips back in the 2000s. I'm sure the bitter memory of that still lingers on within the oil companies and will deter them from returning. The commercial appeal of it just isn't as favourable as countries like Permian Basin or Canadian oil sands or Saudi Arabia.
https://www.forbes.com/sites/mattrandolph/2026/01/05/why-big-oil-is-unlikely-to-run-back-to-venezuela/?ss=energy
Posted by Swiftvoyager1906
1 Comment
Yeah that may be correct. They really don’t need to go back. Just seeing Venezuela oil diminished from the market increases the value of everyone else’s oil.