{"id":3429,"date":"2023-10-20T00:11:15","date_gmt":"2023-10-20T00:11:15","guid":{"rendered":"https:\/\/infundpros.com\/investment\/venezuela-is-set-for-a-long-journey-to-boost-oil-output-if-u-s-eases-sanctions\/"},"modified":"2023-10-20T00:11:16","modified_gmt":"2023-10-20T00:11:16","slug":"venezuela-is-set-for-a-long-journey-to-boost-oil-output-if-u-s-eases-sanctions","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3429","title":{"rendered":"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions"},"content":{"rendered":"
\n

A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of a \u201clong journey\u201d for the South American country\u2019s efforts to boost production, economists at Capital Economics said on Monday.<\/p>\n

The Biden administration and the government of Venezuelan President Nicol\u00e1s Maduro have agreed to a deal under which the U.S. would ease sanctions on Venezuela\u2019s oil industry, according to a report Monday by the Washington Post, which cited two people familiar with the talks. Venezuela, in return, would conduct a competitive, internationally monitored presidential election next year, the report said.<\/p>\n

\n

According to the report, the deal would hinge on the Maduro government and the opposition reaching an agreement at meetings that start Tuesday in Barbados, William Jackson and Caroline Bain, economists at Capital Economics, wrote in a note titled \u201cVenezuela: raising oil output will be a long journey.\u201d<\/p>\n

If a deal is secured, there will be a lot of attention on whether the Maduro government honors its side of the deal, the economists said, noting that past elections were \u201cmarred by irregularities and were widely disputed by the international community\u201d and by Venezuela\u2019s opposition.<\/p>\n

The deal would reportedly include a time limit on sanctions relief that would allow the U.S. to \u201cpull the plug if Venezuela backslides,\u201d they said. <\/p>\n

U.S. sanctions have certainly played a role in the decline in Venezuela\u2019s oil production, the economists said, with the nation\u2019s oil production falling from more than 1 million barrels a day to less than 400,000 barrels a day in 2020, after the Trump administration ramped up sanctions in 2019. <\/p>\n

Given that, there is \u201cprobably scope for production, which has started to rise, to increase further if sanctions are lifted,\u201d they said. <\/p>\n

Still, sanctions only \u201cexplain part of the demise of Venezuela\u2019s oil sector,\u201d Jackson and Bain said, adding that oil production has been in \u201cterminal decline\u201d since its most recent peak at 3.5 million barrels per day in 2005.<\/p>\n

\u201cThat reflects years of underinvestment and the loss of skilled labour \u2026 which have undermined production, and potential production,\u201d they wrote. It will require \u201cenormous amounts of investment and take a lot of time to restore production back to anything like that level.\u201d<\/p>\n

<\/p>\n

<\/p>\n

\n

\n \u201c<\/span> \u2018While lifting of U.S. sanctions would facilitate higher oil output from Venezuela in the medium term \u2026 we are skeptical that it will make much difference to the global oil market in the near term.\u2019\u201d<\/span>\n <\/p>\n


\n \u2014 William Jackson and Caroline Bain, Capital Economics<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

Even though U.S. oil company Chevron Corp.
\n CVX,
\n +0.11%<\/bg-quote>
\n was given permission to restart operations in the country in late 2022, Venezuela\u2019s oil production was only up by 70,000 barrels per day in September, year on year, the economists said. <\/p>\n

All told, \u201cwhile lifting of U.S. sanctions would facilitate higher oil output from Venezuela in the medium term, (if U.S. conditions are met), we are skeptical that it will make much difference to the global oil market in the near term,\u201d Jackson and Bain said. <\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

So even assuming some increase in Venezuela\u2019s oil output, Capital Economics continues to expect the oil market to be \u201cfinely balanced in 2024,\u201d after a \u201cdeep deficit\u201d in global oil market supplies this year, the economists said. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of…<\/p>\n","protected":false},"author":1,"featured_media":3430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-3429","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nVenezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions | inFundPros<\/title>\n<meta name=\"description\" content=\"A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of a \u201clong journey\u201d for the South American\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=3429\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions | inFundPros\" \/>\n<meta property=\"og:description\" content=\"A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of a \u201clong journey\u201d for the South American\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=3429\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-20T00:11:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-20T00:11:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/1697760676_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=3429#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=3429\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions\",\"datePublished\":\"2023-10-20T00:11:15+00:00\",\"dateModified\":\"2023-10-20T00:11:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=3429\"},\"wordCount\":562,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Investment\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=3429#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=3429\",\"url\":\"https:\/\/infundpros.com\/?p=3429\",\"name\":\"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-10-20T00:11:15+00:00\",\"dateModified\":\"2023-10-20T00:11:16+00:00\",\"description\":\"A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of a \u201clong journey\u201d for the South American\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=3429#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=3429\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=3429#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions | inFundPros","description":"A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of a \u201clong journey\u201d for the South American","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=3429","og_locale":"en_US","og_type":"article","og_title":"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions | inFundPros","og_description":"A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of a \u201clong journey\u201d for the South American","og_url":"https:\/\/infundpros.com\/?p=3429","og_site_name":"inFundPros","article_published_time":"2023-10-20T00:11:15+00:00","article_modified_time":"2023-10-20T00:11:16+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/1697760676_social.jpeg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=3429#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=3429"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions","datePublished":"2023-10-20T00:11:15+00:00","dateModified":"2023-10-20T00:11:16+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=3429"},"wordCount":562,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Investment"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=3429#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=3429","url":"https:\/\/infundpros.com\/?p=3429","name":"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-10-20T00:11:15+00:00","dateModified":"2023-10-20T00:11:16+00:00","description":"A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of a \u201clong journey\u201d for the South American","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=3429#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=3429"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=3429#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/3429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3429"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/3429\/revisions"}],"predecessor-version":[{"id":3431,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/3429\/revisions\/3431"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/3430"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}