According to the report, Western oil majors are assessing opportunities to re-enter Venezuela’s energy sector amid potential political change and easing sanctions. Venezuela holds the largest proven oil reserves in the world, but years of underinvestment and sanctions have left production far below capacity.

A return of companies like Shell and BP could signal:

• gradual normalization of Venezuela’s oil industry,
• large-scale foreign investment in infrastructure,
• and, over time, higher oil supply, potentially reshaping dynamics in the global oil market and OPEC+.

#oil #Venezuela #SHEL #BP