Juan Pablo Fuentes, assistant director and economist at Moody’s Analytics: “Venezuela’s crude oil production has gradually recovered in recent years, with output rising to an estimated average of 850,000 barrels per day (bpd) in 2024, the highest level since 2018. This recovery was aided by the Biden administration’s temporary easing of oil sanctions imposed in 2017. Even before formally relaxing restrictions in 2023, the Biden administration did not fully enforce oil sanctions, enabling the Maduro regime to increase oil sales to markets such as China, Iran, and Türkiye. The easing of sanctions in 2023 allowed Venezuelan oil exports to the U.S. market to resume, with exports reaching 311,000 bpd in July 2024, the highest level since 2018. However, following Maduro’s re-election in July, the Biden administration re-imposed some sanctions, but this did not significantly hurt Venezuela’s oil output…”
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Carl David
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Nigel Blackaby
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Freshfields Bruckhaus Deringer
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Head of ESG,
Atlas Renewable Energy
Jeffrey Davidow
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The Cohen Group
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Jonathan C. Hamilton
Partner,
White & Case
Raul Herrera
Partner, Corporate &
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Arnold & Porter
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Chairman,
Monarch Global Strategies
Jorge Kamine
Partner, Corporate &
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Willkie Farr & Gallagher
Craig A. Kelly
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Exxon Mobil
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Haynes & Boone
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Inter-American Dialogue
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