Can Venezuela Rebuild Its Crushed Downstream Sector?

President Biden’s assumption of power has instilled a new sense of hope in Venezuela’s political leadership, with Nicolas Maduro stating that his country was willing to “walk a new path with Biden’s government”, provided that this path is based on mutual respect and understanding. Donald Trump’s tenure brought about an unprecedented decline in US-Venezuelan relations, even in his last day in presidential office Trump had a string of oil traders and 6 oil tankers added onto OFAC’s relevant sanctions list.…