LATIN AMERICA ADVISOR

Energy ADVISOR

A daily publication Of the dialogue

December 23, 2022

Will Venezuela Be Able to Meet its 2023 Oil Output Target?

Venezuela is planning on oil to finance 63 percent of its budget for 2023, an increase from this year amid the United States’ easing of sanctions on Venezuelan state-owned oil company PDVSA. // File Photo: Venezuelan Government.

Q

A

Michael C. Lynch, president of Strategic Energy & Economic Research and distinguished fellow at EPRINC: “The recent moves by the U.S. government to allow Chevron to resume some operations in Venezuela are small steps toward a revival of that nation’s oil industry, but not necessarily a lasting one. The Biden administration has allowed the company to resume sales for six months, contingent on negotiations between the Maduro regime and the opposition. Many fear that the talks will prove inconclusive and the export agreement will not be renewed, but at least in the meantime, the company seems likely to undertake needed maintenance that will allow for increased production in the future. Unfortunately, this is a bandage on the disaster that is the Venezuelan economy and oil industry. While estimates that tens of billions of dollars in maintenance and repair are needed to restore production to…”

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ABOUT THE Energy ADVISOR

A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Nigel Blackaby
Global Head, International Arbitration Group,
Freshfields Bruckhaus Deringer

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

María José Cortés
Head of ESG,
Atlas Renewable Energy

Jeffrey Davidow
Senior Counselor,
The Cohen Group

Analia Gonzalez
Leader, Arbitration & Litigation,
Laitn America, BakerHostetler

Jonathan C. Hamilton
Partner,
White & Case

Raul Herrera
Partner, Corporate &
Securities Practice,
Arnold & Porter

James R. Jones
Chairman,
Monarch Global Strategies

Jorge Kamine
Partner, Corporate &
Financial Services,
Willkie Farr & Gallagher

Craig A. Kelly
Senior Director,
Int’l Government Relations,
Exxon Mobil

Jeremy Martin
Director,
Energy Program,
Institute of the Americas

Larry Pascal
Chairman, Americas
Practice Group,
Haynes & Boone

R. Kirk Sherr
President,
Clearview Strategy Group

Daniela Stevens
Director,
Energy Transition and Climate Program,
Inter-American Dialogue

Doris Rodríguez
Partner,
Hunton Andrews Kurth

Alexandra Valderrama
Director,
International Government
Affairs, Chevron

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