Biden Might Not Be Able To Lift Sanctions On Venezuela Even If He Wants To

A deep global energy crisis, which is sharply impacting Western Europe, is forcing countries around the world to find additional sources of oil and natural gas. Severe fossil fuel supply constraints emerged due to a lack of drilling caused by nearly a decade of soft prices, which was exacerbated by the COVID-19 pandemic and Russia’s invasion of Ukraine. An October 2022 decision by the OPEC Plus cartel to slash production by 2 million barrels per day amplified the global oil shortage. Soaring energy prices are threatening the world’s…