Embargo on Russian oil: Venezuela, an alternative considered by the United States

Maracaibo oil refinery in Venezuela in May 2018 (illustration).

AFP/Federico Parra

Text by: RFI Follow

1 min

The United States has just announced an embargo on Russian oil, while a bipartisan agreement in Congress was already reached on Monday March 7.

It remains to define other sources of oil supply to mitigate the increase in energy prices.

And Washington is turning to Venezuela, a traditional ally of Russia rich in black gold, but which is currently under sanctions, American precisely.

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It is no coincidence that an American delegation

traveled to Caracas last weekend

to meet the Venezuelan president.

Nicolás Maduro described the meeting as " 

respectful, cordial and diplomatic

 ", without mentioning the content of the discussions.

But according to

information from the

New York Times

, the Venezuelan president would be ready to increase oil production in the event of an American embargo on Russian crude.

In exchange, the United States could lift

the sanctions on Venezuelan oil

, which have been in place for two years.

In 2019, the two countries had severed their diplomatic relations after the re-election of Nicolás Maduro, during a ballot boycotted by the opposition.

The US government does not recognize the Venezuelan president.

But the crisis with Russia forces him to get closer to the man who was hitherto considered by Washington as a pariah.

A decision criticized

This decision is criticized by some American elected officials, but also by the Venezuelan opposition.

But the fact remains that if the two countries managed to reach an agreement, increasing the production of Venezuelan crude would not be so simple.

The oil sites are in a deplorable state.

According to experts, it would take time and a lot of money to revive the extraction and processing of oil.

►Also read: Press review of the Americas - Embargo on Russian oil, what consequences for the United States?

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  • United States

  • Venezuela

  • Energies

  • Nicola Maduro

  • Oil