War in Ukraine: Venezuela's oil opportunity?
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 8 August 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
Russian aggression in Ukraine and the world's quest to end the dependence on Russian oil and gas has created an opportunity for Venezuela to negotiate an easing of the US-imposed oil sanctions. But, as Ivana Davidovic discovers, there are also many pitfalls on that journey.
Venezuela may have the world's largest oil reserves, but years of underinvestment have severely impacted output, as professor Terry Karl explains.
Former chairwoman of the refiner Citgo, Luisa Palacios, outlines where Venezuela still manages to sell its oil and the role played by Iran in that trade. She also thinks that a sanctions deal could be made if the Maduro administration is willing to relinquish some control over production.
But Venezuela expert David Smilde is worried that political, rather than practical, considerations - in the US and Venezuela - might muddy the waters.
Caracas-based journalist Francis Pena goes on a lengthy journey to buy petrol in her home city, illustrating how economic mismanagement and sanctions are affecting day-to-day lives.
Presenter/producer: Ivana Davidovic Image: A motorcycle passes in front of an oil-themed mural in Caracas, Venezuela. Credit: Javier Campos/NurPhoto via Getty Images.
Transcript
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| 0:00.0 | Hello and welcome to Business Daily with me, Ivana Davidovich. |
| 0:04.1 | In today's program, can the Russian aggression in Ukraine create an opportunity for the oil-producing Venezuela, |
| 0:10.6 | which has been under U.S. sanctions for years. |
| 0:13.8 | Prior to this Russia's invasion of Ukraine, Venezuela would have not been giving even a chance. |
| 0:19.8 | And that is giving Venezuela a window of opportunity. |
| 0:23.9 | It is up to Venezuela to actually walk down that aisle and take it. |
| 0:29.4 | It does need to meet the world halfway. |
| 0:32.0 | But could U.S. political interests stop the breakthrough in negotiations? |
| 0:36.8 | They're going to try and do it as much as possible below the radar because there are political |
| 0:41.5 | cost to this. Marco Rubio will come out and say, you know, oh, this government is coddling |
| 0:46.6 | dictators and we shouldn't buy oil from dictators. That's all coming up in Business Daily from the BBC. |
| 0:56.5 | Me and my partner are currently on our way to fill our tank of gas in our cars. |
| 1:02.9 | And normally what we need to fill our gas tank is $20. |
| 1:08.2 | I need to try and pay it with an international credit card and see if they cannot accept it. |
| 1:15.6 | There is not going to be anyone able to charge credit or an international card in general. |
| 1:21.6 | So I'm just going to go ahead and talk with my partner to see if we're lucky enough to have $20 in cash. |
| 1:28.4 | Venezuela may have the world's largest proven oil reserves, but three in every four |
| 1:32.5 | Venezuelans live in extreme poverty. |
| 1:35.2 | For the people there, years of political and economic turbulence, as well as US-led |
| 1:39.8 | sanctions, have made everyday activities, like buying petrol, for example, into a complex procedure with |
| 1:46.0 | uncertain results. |
| 1:47.0 | As Venezuelan journalist Francis Pena illustrates when she attempted to fill up her tank. |
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