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Business Daily: War in Ukraine: Venezuela's oil opportunity?

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Venezuela's oil opportunity?

08/08/2022 GMT

War in Ukraine: Venezuela's oil opportunity?

BBC World Service - Business Daily, War in Ukraine: Venezuela's oil opportunity?

Will the war in Ukraine create a chance for Venezuela to emerge from US oil sanctions?

Russian aggression in Ukraine and the world's quest to end the dependence on Russian oil and gas has created an opportunity for Venezuela to negotiate an easing of the US-imposed oil sanctions. But, as Ivana Davidovic discovers, there are also many pitfalls on that journey.

Venezuela may have the world's largest oil reserves, but years of underinvestment have severely impacted output, as professor Terry Karl explains.

Former chairwoman of the refiner Citgo, Luisa Palacios, outlines where Venezuela still manages to sell its oil and the role played by Iran in that trade. She also thinks that a sanctions deal could be made if the Maduro administration is willing to relinquish some control over production.

But Venezuela expert David Smilde is worried that political, rather than practical, considerations - in the US and Venezuela - might muddy the waters.

Caracas-based journalist Francis Pena goes on a lengthy journey to buy petrol in her home city, illustrating how economic mismanagement and sanctions are affecting day-to-day lives.

Presenter/producer: Ivana Davidovic
Image: A motorcycle passes in front of an oil-themed mural in Caracas, Venezuela. Credit: Javier Campos/NurPhoto via Getty Images.

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