Venezuela's Path to Global Energy Markets Has Potholes

Venezuela's Path to Global Energy Markets Has Potholes


September 22, 2022--Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--The new Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, visited Caracas last week on his first official trip to the South American country. Al-Ghais praised Venezuela for its energy potential, given its vast oil and gas reserves, and highlighted its role in the international energy markets.

The event was attended by Venezuela's President Nicolas Maduro, who welcomed the secretary general and declared that his nation is "ready to fulfil its role and supply the energy markets with the oil and gas that the world economy needs."

With oil reserves above 300 billion barrels and holding one of the world's top 10 largest natural gas reserves, Venezuela should be among the primary candidates to supply international energy markets amid the latest energy crisis sparked by Russia's war in Ukraine.

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