Maduro: Venezuela Is Ready To Send Its Oil To The World | OilPrice.com

Venezuela is ready to ramp up its oil exports.

President Maduro explained, “Venezuela is ready and willing to fulfil its role and supply, in a stable and secure manner, the oil and gas market that the world economy needs.”Earlier this year there were high hopes around the U.S. lifting its sanctions on Venezuela in the face of oil shortages and rising prices, due to the Russian invasion of Ukraine, allowing black gold to once again flow out of the South American oil giant. But this has not yet come to fruition.

“Venezuela is ready and willing to fulfil its role and supply, in a stable and secure manner, the oil and gas market that the world economy needs.The country’s dictator quashed fears that Venezuela’s oil industry was far from recovering, after years of low production and underinvestment. Its output currently stands at around 700,000 bpd compared to 2.3 million bpd two decades ago. This comes from U.S.

, helping to fill the gap in the region. This was not the change Venezuela had hoped for, but it provided greater optimism for more concessions to be made in the coming months. to Europe, stating that he wanted refined fuels from Eni and Repsol in exchange for crude in place of the current deal. Venezuela has had much difficulty in finding refined fuels in recent months, with many of its refineries in a state of disrepair. It has already been tradingto meet its needs, circumventing U.S.

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