Venezuela used to produce more than 3 million barrels of oil daily two decades ago, before corruption and a drop in oil prices destroyed the sector and the country’s economy.
The South American country used to export 1.8 million barrels of oil to the US daily, two decades ago. An olive branch from the US could mean revenue for Venezuela, and oil for other countries that desperately need it. Ms Mariana Vargas Carballo, an oil expert from Gas Energy Latin America, said: “This license states that they are going to renew every month. It will be renewed every month for a period of six months maximum. And that gives you the perception that is a trial test. It is not a long-term permit.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: