Nicolas Maduro Tempts West With an Abundance of Oil and Gas, Venezuelan President Wants Sanctions Lifted – Economics Bitcoin News

Nicolas Maduro, Venezuela’s president has stated that his country is willing to help oil companies and assist in the face of global economic woes. The United States has placed economic sanctions on the country in 2019. These restrictions prohibit American companies from contacting the state-owned oil firm, despite the fact that Venezuela is the biggest source of crude oil worldwide.

Maduro Insists ‘Venezuela Ready and Willing to Fulfill Its Role’ by Providing the World With Fuel

The current president of Venezuela, Nicolas Maduro, is a controversial leader and just recently he’s offered to help Western nations like the United States with oil and gas. Maduro was speaking at an Organization of the Petroleum Exporting Countries’ (OPEC), event on September 14th.

The intergovernmental organization’s secretary-general visited Caracas and Maduro said Venezuela is ready to help countries deal with the erratic gas and oil market. “Venezuela is ready and willing to fulfill its role and supply, in a stable and secure manner, the oil and gas market that the world economy needs,” the Venezuelan president said at the event.

While data shows oil exports are low, Maduro was resolute that Venezuela’s Petróleos de Venezuela, S.A. (PDVSA) has “recovered.” At the same time, crude oil prices in Europe (Brent) have dropped from the June highs but are currently hovering at around $89.53 and U.S. crude oil is exchanging hands at $79.30 per barrel.

Europe’s natural gas prices have risen dramatically and are at record highs. Venezuela’s export levels are so low because of the Trump administration’s financial sanctions against Venezuelan oil, gas, gold, and food imposed in January 2019.

Venezuelan Petroleum Minister Says US Sanctions Stand in the Way of the Latin American Oil Giant From Helping ‘Any Government of the World or Any Country’

Joe Biden, the U.S. President made an exception and allowed Venezuela to export oil to Europe last May to repay its debts. Biden’s administration has not lifted sanctions against Venezuelan suppliers of oil and gas.

Maduro stopped the oil-for–debt agreement in August. The Venezuelan president appears to be keen to revive the deal. While OPEC Secretary-General Haitham al-Ghais visited Caracas, Maduro said the energy “crisis” was precarious and the sanctions against Russia are “unjustified.”

Maduro had previously stated that Venezuela would fulfill its obligations and provide the world with petroleum and other energy resources. Tareck El Al Aissami (Venezuelan Petroleum Minister) told the media that Caracas was willing and able to support any government.

Aissami said Venezuela will supply to “any government of the world or any country, or any company of any country,” but added that U.S. sanctions stand in the way. Moreover, Aissami also spoke with Reuters and told the publication that PDVSA is fully “prepared and ready” to work with the oil giant Chevron based in California.

Secretary-General: OPEC’s challenges Are ‘More Serious, and More Critical’ Than Ever Before

Haitham al-Ghais informed the attendees in Caracas that OPEC’s current challenges are “more serious, [and] more critical” than ever before. Maduro, Aissami and the West are open to helping again. However, the U.S. might be even more critical since the Venezuelan President suspended the oil-for–debt agreement in August.

Venezuela is not the only country that’s been asking for sanctions to be lifted. Officials from the Kremlin explained to us that natural gas pipelines like Nord Stream 1 will be revived if Russia’s sanctions are lifted.

Iran has also tempted the West with cheap oil as reports note that Tehran said “winter is coming” to Europe and it teased the European Union (EU) with cheap gas. Mehr, a state-backed news agency, reports Iran is seeking to lift economic sanctions, much like Russia or Venezuela.

This story contains tags
Bans Brent Caracas, Iran cheap natural gas, economy, Europe, Europe Natural Gas Europe Oil Europe Union (EU), Gas.

Do you agree with Nicolas Maduro’s statement that Venezuela will provide oil for the West, which he claims is his opinion? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been an active participant ever since. Redman is passionate about Bitcoin and open-source codes. Redman is a prolific writer for News, with over 6,000 articles on disruptive protocols.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine