Amidst the global economic crisis and the energy crisis in Europe, Venezuelan President Nicolas Maduro said his country is ready to help with oil. Although Venezuela has the world’s largest supply of crude oil, US economic sanctions imposed by the Trump administration in 2019 prevent US businesses from dealing with the state-owned oil company.
Maduro insists ‘Venezuela is ready and willing to play its role’ in supplying the world with oil
Venezuela’s current president, Nicolas Maduro, is a controversial leader and has recently offered to help westerners like the US with oil and gas. On September 14, Maduro spoke at an event organized by the Organization of the Petroleum Exporting Countries (OPEC).
The UN Secretary General visited Caracas and Maduro said Venezuela was ready for countries to deal with the distorted gas and oil markets. “Venezuela is ready and willing to play its role and supply the oil and gas market that the global economy needs in a stable and secure manner,” the Venezuelan president said at the event.
Data show that oil exports are small, but Maduro has been adamant about the “recovery” of Venezuela’s Petroleos de Venezuela, SA (PDVSA). Similarly, the price of crude oil in Europe (Brent) is currently hovering at $89.53, while US crude oil is trading at $79.30 per barrel, despite a sharp drop in June.
Natural gas prices in Europe have risen sharply. Due to the financial sanctions imposed by the Trump administration on Venezuela’s oil, gas, gold and food in January 2019, Venezuela’s export level is very low.
Venezuela’s petroleum minister says US sanctions have prevented the Latin American oil giant from helping ‘the world or any government’.
Last May, US President Joe Biden made an exception to the rule and allowed Venezuela to send crude to Europe to pay off debt. The Biden administration has not lifted sanctions on Venezuelan oil and gas suppliers.
In August, Maduro abruptly ended the oil-for-debt deal, and the Venezuelan president appears to want to revive the arrangement. As OPEC Secretary General Haitham al-Ghais visited Caracas, Maduro said the energy “crisis” was dangerous and that sanctions against Russia were “irrational”.
Caracas is ready and willing to help any government, Venezuelan Petroleum Minister Tarek El Assimi told the press before Maduro explained that Venezuela is ready to fulfill its role and provide the world with oil and gas needs.
Asisami said Venezuela would give to “any world government or any country or company of any country” but said US sanctions were an obstacle. Aisami also spoke to Reuters and told the publication that PDVSA is fully “ready and willing” to work with California-based oil giant Chevron.
Secretary-General: OPEC’s challenges are more ‘serious and serious’ than before.
Haitham al-Ghais said OPEC’s current challenges are “more serious; [and] “More critical than ever” Maduro and Aisami are ready to help the West again, but the US may be more critical after the Venezuelan president ended an oil-for-debt deal in August.
Venezuela is not the only country that has been calling for the lifting of sanctions. Kremlin officials have explained that gas connections, such as the Nord Stream 1 pipeline, will be restored once sanctions against Russia are lifted.
As Tehran says “winter is coming” to Europe and taunts the EU with cheap gas, Iran tempts the West with cheap oil. Like Russia and Venezuela, Iran wants economic sanctions lifted, state-backed Mehr news agency reported.
What do you think of Venezuelan President Nicolás Maduro saying that his country is ready to supply oil to the West? Let us know what you think about this in the comments section below.
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