Last week, an article by leading journalist Greg Palast claimed that Venezuela has the capacity to export two million barrels a day. Mr Palast suggested that, were US and EU sanctions against Venezuela to be lifted, the price of Russian oil which has now surged, would “nosedive in 20 minutes.” However, an expert in Venezuela’s energy production operations has opposed this argument claiming that the Latin American country doesn’t even produce one million oil barrels.
The leader of Rice University’s Latin America Energy Program based in Houston, Texas, stated that Venezuela currently produces between 700,000 and 800,000 barrels per day.
In contrast, Francisco Monaldi said that Russia is capable of producing 11 million barrels, and exports about seven million of them.
Mr Monaldi said: “In the short term, Venezuela cannot even reach one million barrels per day sustainably.
“So even if they were to lift sanctions on Venezuela, it would have almost no effect on the world market”.
Talks between US and Venezuelan over a potential relief in sanctions have seen little progress so far, with the US evaluating Venezuela’s stance over Russia’s invasion of Ukraine.
Yesterday, US officials arrived in Caracas to discuss with representatives of the Maduro government, with a second round of talks expected to occur soon, RCN Radio reported.
The Maduro government was represented by Tarek El Aissami, who currently holds the post of Venezuelan Minister of Petroleum.
It is understood that the talks are centred around the current oil production and the conditions of the company Petróleo De Venezuela (PDVSA), which is under international sanctions.