Nicolas Maduro, Venezuela’s president, has stated that his country is willing to help oil companies and assist in the face of economic woes around the globe. Despite Venezuela having the largest crude oil supply in the world, the Trump administration imposed economic sanctions in 2019.
These sanctions prohibit American businesses to engage with the state-owned oil company.
Maduro insists that ‘Venezuela is ready and willing to fulfill its role’ by providing fuel for the world
Nicolas Maduro is the current Venezuelan president. He’s a controversial leader who recently offered to provide oil and gas assistance to Western countries like the United States.
Maduro, the secretary-general of the intergovernmental organization, visited Caracas. He said that Venezuela was ready to assist countries in dealing with the volatile oil and gas markets.
The Venezuelan president stated that Venezuela is willing and able to supply the oil and gas markets needed by the world economy in a secure and stable manner.
Although data suggests that oil exports are very low, Maduro insists that Petroleos de Venezuela S.A. (PDVSA), Venezuela, has “recovered.” Currently, crude oil prices in Europe ( Brent) are hovering around $89.53 but are still above the June highs. However, U.S. crude oil trades at $79.30 a barrel.
The European natural gas prices have risen and are still at an all-time high. Venezuela’s exports are low due to financial sanctions imposed by the Trump administration against Venezuelan oil and gas, food , and gold in January 2019.
Venezuelan President says he is ready to help any country of the world having energy problems
Joe Biden, the U.S. president, made an exception from the rule to allow Venezuela to export crude oil to Europe in order to repay its debts. The sanctions against Venezuelan oil and gas suppliers have not been lifted by the Biden administration.
Maduro stopped the oil-for–debt agreement in August. The Venezuelan president appears to be keen to revive the arrangement. Maduro stated that the energy crisis was precarious, and that sanctions against Russia were unjustified while Haitham al-Ghais, Secretary-General of OPEC, visited Caracas.
Before Maduro explained that Venezuela was ready to fulfil its role and supply the globe with oil and natural gas, Tareck El Aissami , the Venezuelan petroleum Minister, told the media that Caracas is willing and able to assist any government.
Aissami stated that Venezuela would supply “any government or country in the world, or any company or company in any country,” but added that U.S. sanctioned countries are preventing this from happening. Aissami also talked to Reuters, and stated that PDVSA was fully “prepared” and ready to work with Chevron, an oil giant based in California.
Secretary-General: OPEC’s challenges are ‘More Serious and More Critical’ than Ever Before
Haitham al Ghais told the Caracas attendees that OPEC’s current challenges were “more serious, [and] critical” than ever. Maduro, Aissami and the West are open to helping them again. However, the U.S. might be more critical since the Venezuelan president has suspended the oil-for–debt agreement in August.
Venezuela isn’t the only country asking for sanctions to be lifted. Several members of the Kremlin have stated that Russian sanctions will be lifted and gas connections such as the Nord Stream 1 pipeline will be reopened.
The West has been tempted by Iran’s cheap oil, reports noting that Tehran claimed “winter” was coming to Europe and teased the European Union with cheap gas. Mehr, a state-backed news outlet, reports that Iran wants economic sanctions to be lifted just like Russia and Venezuela.