May 20, 2022 08:25 GMT
Renewed talks this month between Chevron and Venezuela’s state-owned oil company PDVSA indicate that Venezuelan crude could be coming to the US but the Energy Secretary downplayed the possibility this week.
- “The United States won’t be importing any oil from Iran or Venezuela,” Energy Secretary Jennifer Granholm testified during a Senate hearing yesterday, “This administration is calling for increased production in the United States.”
- Venezuela has been viewed as a potential crude replacement for global markets since prices soared after Russia’s invasion of Ukraine.
- Venezuelan oil production has been hampered by years of underinvestment, but production has been rising over the last year and could easily replace lost Russian barrels to the US.