Will Venezuela Exploit Russia’s Isolation To Revive Its Oil Industry?

Russia’s invasion of Ukraine may offer Venezuela the chance it’s been looking for to convince Biden to reduce or drop U.S. sanctions on its oil industry. As countries around the world introduce sanctions on Russia and oil majors pull out of Russian operations, there will be an inevitable dip in the world’s oil supply. The question is how this supply shortage can be met in the short term as worldwide demand remains high. Venezuela recently appealed to Wall Street for support as it attempts to convince U.S. President Biden to lift…