The Iran War Has Put Venezuela’s Oil Back in the Spotlight
Politics, Geopolitics & Conflict The U.S. restarted major strikes on Iran this week, hitting missile, radar, and other military installations along the southern coast and on Larak Island. Iran retaliated against U.S. positions across the Gulf and Jordan, and also continued attacking commercial shipping, with two supertankers carrying Saudi crude struck near Hormuz and two sailors killed aboard a…
The Iran war has brought renewed attention to Venezuela's oil sector, with Chevron committing over $7 billion to the country over the next five years with the aim of doubling its production to around 600,000 barrels per day. This investment comes as U.S.-backed companies, such as NABEP and Eni, secure majority control of Venezuelan oilfields containing vast reserves.
Meanwhile, geopolitical tensions continue to rise, with Israel's far-right officials pushing for U.S. support in facilitating the ethnic cleansing of Gaza, while Libya's rival factions agree on a path toward national elections, but leave the country with competing governments and no clear mechanism for creating a unified executive.
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