Amid economic turmoil around the world and an energy crisis in Europe, Venezuelan President Nicolas Maduro says his country is ready to step in with oil. Despite Venezuela being the world’s largest supplier of crude oil, U.S. economic sanctions imposed by the Trump administration in 2019 prohibit U.S. companies from engaging with state oil companies.
President Maduro insists that “Venezuela is ready and willing to play its part” in supplying fuel to the world
Venezuela’s current president, Nicolas Maduro, is a controversial leader, but just recently he offered to help Western countries, including the U.S., with oil and gas On September 14, Maduro addressed an eventorganized by the Organization of Petroleum Exporting Countries (OPEC)
The secretary general of the intergovernmental organization visited Caracas, where Maduro said Venezuela is ready to help countries deal with unstable gas and oil markets. The Venezuelan president said at the event that “Venezuela is ready and willing to play its part and provide the oil and gas markets that the world economy needs in a stable and secure manner.”
Despite some data showing low crude oil exports, Maduro affirmed that Petróleos de Venezuela S.A. (PDVSA) has “recovered.” Meanwhile, European oil prices (Brent) have fallen from their highs in June but are currently hovering around $89.53 per barrel, while U.S. oil is trading at$79.30 per barrel
European natural gas prices have soaredand are at record levels. Venezuela’s export levels are so low because the Trump administrationimposed financial sanctions on Venezuela’s oil, gas, gold, and food
in January 2019.
Venezuela’s oil minister said the U.S. sanctions would prevent the Latin American oil giant from contributing to “any government or any country in the world”
. Last May, U.S. President Joe Biden made an exception to this ruleand allowed Venezuela to export oil to Europe to pay off its debt. The Biden administration has not lifted sanctions imposed on Venezuelan oil and gas suppliers.
In August, Maduro abruptly suspended oil and debt deals, and the Venezuelan president appears to want to reignite the arrangement; during a visit to Caracas by OPEC Secretary General Haitham Algais, Maduro said the energy “crisis” is unstable and the sanctions against Russia are “unjust.” He said.
Before Maduro explained that Venezuela is ready to play its part and supply the world with its oil and gas needs, Venezuelan Oil Minister Tareck El Aissami told the press that Caracas is ready and willing to help any government
Aissami said Venezuela would supply “any government, any country, any company in the world,” but added that U.S. sanctions would get in the way. Aissami alsospoke with Reutersand told the publication that PDVSA is fully “ready and prepared” to work with California-based oil giant Chevron.
Secretary General; OPEC’s challenges are “more serious and more critical” than ever
Haitham Algais told attendees in Caracas that OPEC’s current challenges are “more serious, [and] more critical” than ever before. Maduro and Aissami are once again ready to help the West, but the U.S. may become more critical after Venezuela’s president suspended the oil and debt deal in August.
Venezuela is not the only country seeking to have sanctions lifted. Members of the Kremlin have explained that gas connections like the Nord Stream 1 pipeline will be restored after sanctions against Russia are lifted.
Iran is also tempting the West with cheap oil, asreportsthat Tehran has told Europe that “winter is coming” and it has teased the European Union with cheap gas. Like Russia and Venezuela, Iran wants economic sanctions lifted, reports state news agency Mehr.
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