The U.S. "Takeover" Of Venezuelan Oil Won’t Move The Global Market [Forbes]
BP p.l.c. (BP)
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Source: Forbes
expand the footprint of Western companies in Venezuela's oil sector. Through the Office of Foreign Assets Control (OFAC), , including GL 50, which authorizes companies, including BP, Chevron, Eni, Repsol, and Shell to begin oil production operations in Venezuela. These new authorizations come just after U.S. Energy Secretary Chris Wright some of the South American nation's oil-producing facilities, accompanied by its Chavista acting president, Delcy Rodríguez. President Donald Trump's intent to rebuild Venezuela's oil industry has companies, including Phillips 66 and Citgo Petroleum, to crude oil directly from the Venezuelan state oil company PDVSA. However, this venture is unlikely to deliver meaningful profits for the U.S. or significantly affect energy prices just yet. As it stands, decades of mismanagement, lagging investment, and political purges in PDVSA have effectively disconnected Venezuela from the global oil market. Any effort to rebuild its industry will take years and b
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