Could Lifting Sanctions On Venezuela Help Ease The Energy Crunch?

Soaring energy prices, triggered by Russia’s invasion of Ukraine and diminished global production, have brought the focus back onto Venezuela, an OPEC member who was a major petroleum exporter and holds the world’s largest oil reserves. Strict U.S. sanctions effectively cut Venezuela off from global energy and capital markets, not only accelerating the strife-torn country’s economic and humanitarian crises but impacting global crude oil supplies. The near-failed state is seen by oil industry insiders and analysts as a solution…