Venezuela's Crude Production Faces Uphill Battle Despite Sanctions Relief

The United States has eased its sanctions on Venezuela following an election deal. This follows four years of sanctions on its oil and gas industry, restricting the South American oil giant’s production and export levels. Despite the tough restrictions on the country’s energy industry, Venezuela continued to produce and export its crude using secret channels, to limited success. Sanctions, the poor state of the economy, and the mismanagement of the oil industry have led to operational failures, with many of Venezuela’s oilfields…