International firms sign multi-billion-dollar agreements as Venezuela’s oil exports reach a seven-year peak under US management.
Venezuela’s oil industry has attracted billions in new deals from global energy companies following US oversight of its resources. March saw the country’s oil exports climb to a seven-year high, signaling a potential rebound for the sector.
The surge follows the US effectively taking control of Venezuela’s oil industry earlier this year, prompting major players like Shell and BP to seek licenses. Interest spans both oil and natural gas, with initial reports of engagement emerging as early as January.
The deals mark a shift after years of sanctions and declining output, though long-term stability remains uncertain amid geopolitical tensions.