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OIL: US Poised to Cut Venezuelan Oil Ties as Supply Glut Looms: BNE IntelliNews

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US Poised to Cut Venezuelan Oil Ties as Supply Glut Looms: BNE IntelliNews 

  • Venezuela may be on the brink of losing its position as a key energy partner to the US despite having once been a significant crude supplier to the US.
  • President Trump has indicated he would “probably” halt purchases of Venezuelan oil to reshape bilateral trade in the sector as global oil prices edge lower.
  • In 2019 during his first term, Trump issued sweeping sanctions against Venezuela as part of a “maximum pressure” campaign to oust Nicolas Maduro, who wasn’t viewed as the legitimate leader.
  • Venezuela’s oil output has seen a notable decline to 921kb/d in 2024 from the 2mb/d produced in the early 2000s, signaling the continued decline of one of the world’s largest oil exporters. Ailing infrastructure suffers from severe underinvestment due to decades of corruption, sanctions and mismanagement.
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US Poised to Cut Venezuelan Oil Ties as Supply Glut Looms: BNE IntelliNews 

  • Venezuela may be on the brink of losing its position as a key energy partner to the US despite having once been a significant crude supplier to the US.
  • President Trump has indicated he would “probably” halt purchases of Venezuelan oil to reshape bilateral trade in the sector as global oil prices edge lower.
  • In 2019 during his first term, Trump issued sweeping sanctions against Venezuela as part of a “maximum pressure” campaign to oust Nicolas Maduro, who wasn’t viewed as the legitimate leader.
  • Venezuela’s oil output has seen a notable decline to 921kb/d in 2024 from the 2mb/d produced in the early 2000s, signaling the continued decline of one of the world’s largest oil exporters. Ailing infrastructure suffers from severe underinvestment due to decades of corruption, sanctions and mismanagement.