Comment by monerozcash
7 days ago
Yeah, literally nobody but the US could possibly profitably extract Venezuelan oil at any meaningful scale.
7 days ago
Yeah, literally nobody but the US could possibly profitably extract Venezuelan oil at any meaningful scale.
If you're going to go with conspiracy theories, China is desperate for oil and was openly allying with Venezuela, and so was, ironically, petrostate Russia, although that's ending (for now). I bet Putin is looking for contingency plans though. Even though Venezuela is not exactly the easiest to reach for either of them, but beggars can't be choosers. Preventing any progress here might have been worth a lot to both the US and the EU. And, yes, I know how it sounds, but this will be pretty helpful with the Ukraine war. Yes, really.
Of course leftist tankies will be mad the billionaire fake-communist "revolution" that started with Chavez and should have ended 20 years ago is now very likely over. Of course, most Venezuelans (75% according to the opposition) would describe that revolution as a nightmare.
Of course I doubt 75% of Venezuelans wanted the US to resolve it.
I seriously doubt either China or Russia could manage to extract significant quantities of Venezuelan oil at a profit even if the US lifted all sanctions and completely forgot about Venezuela.
The costs of getting production set up at are so high compared to the relatively bleak outlook for the oil market, it's likely that Venezuelan oil isn't a hugely attractive proposition for anyone.
China is desperate, and also the enemy of essentially every source of oil ... "except" Venezuela (disregarding the fact that of course Maduro can't be trusted, and thus isn't really an ally of China. More accurately they're both desperate and might be able to help one another).
Russia is also desperate. And is extracting oil in Venezuela easier than doing it while under Ukrainian bombardment? Good question but we can summarize: extracting oil inside Russia is failing, thanks to Putin's 3-day special military operation ... and they've already had to import fuel twice in the past 6 months, despite how utterly ridiculous that is: the country that out-produced Saudia Arabia when it comes to oil needed to import fuel.
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