Washington DC March 9 2022: Venezuela could increase its oil production by 400,000 barrels a day to help replace Russian oil.
Head of the Venezuelan Oil Chamber, Reinaldo Quintero, told the BBC that the South American country has the infrastructure to raise its production levels from the current 800,000 barrels per day to 1.2 million.
“That will make us able to supply some of the need [in] the North American market,” he said.
His comments come amid reports of a recent surprise visit by US officials to Caracas, to meet with the government of President Nicolas Maduro, which is currently facing US sanctions.
Some members of Congress have been sharply critical of the efforts to revive ties with Venezuela, a steadfast Russian ally.
Quintero said he does not expect the sanctions – imposed by former President Donald Trump – to be lifted, but that the Biden administration will likely issue licenses allowing foreign companies to operate in Venezuela, thus exempting them from sanctions.
This, he said, would also allow for much-needed foreign investment into Venezuela’s cash starved oil industry and ease the shortage of trained workers.
