In the last twenty years increased sanctions by the USA against the Venezuelan government has seen their oil production drop from over 3 million barrels per day to less than 800,000 barrels per day.
However this could be about to change as U.S. delegates have recently visited the country to discuss potential easing of sanctions.
This comes after an increase in sanctions against the Russian government, which has made the U.S. government re-asses their tough stance towards the Venezuelan government.
There is a strong hope amongst U.S. investors that the Venezuelan government can produce enough extra oil to fill the gap in the market left by banning imports of Russian oil.
Both the U.S. State Department and Venezuela’s Information Ministry declined any direct comment on the talks. Apparently little progress was made as both sides made what were described as “maximalist demands,” which reflects the long term tensions between the two nations.