Fun

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

News Feed - 2022-09-26 03:09:44

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


Amid the economic rumblings across the world and the energy crisis in Europe, Venezuelan president Nicolas Maduro has said his country is ready to step up and help with oil. Despite the fact that Venezuela has the largest supply of crude oil in the world, U.S. economic sanctions imposed in 2019 by the Trump administration prohibit American businesses from engaging with the state-owned oil company. 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. On September 14, Maduro spoke at an event organized by the Organization of the Petroleum Exporting Countries (OPEC).


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.


Natural gas prices in Europe have skyrocketed and remain at all-time high levels. 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’


Last May, U.S. president Joe Biden made an exception to the rule and let Venezuela export crude to Europe to pay off debts. The Biden administration has not rescinded the sanctions imposed against Venezuelan oil and gas suppliers.


In August, Maduro abruptly stopped the oil-for-debt deal and the Venezuelan president seems to want to rekindle the arrangement. While OPEC Secretary-General Haitham al-Ghais visited Caracas, Maduro said the energy “crisis” was precarious and the sanctions against Russia are “unjustified.”


Prior to Maduro explaining that Venezuela is prepared to fulfill its role and supply the world with oil and gas needs, the Venezuelan petroleum minister Tareck El Aissami told the press that Caracas is ready and willing to help 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 and Aissami are ready to help the West again but the U.S. may be more critical after the Venezuelan president suspended the oil-for-debt deal in August.


Venezuela is not the only country that’s been asking for sanctions to be lifted. Members of the Kremlin have explained that gas connections like the Nord Stream 1 pipeline would be revived after sanctions against Russia are removed.


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. Just like Russia and Venezuela, Iran wants economic sanctions lifted, according to the state-backed news outlet Mehr. Tags in this story Bans, Brent, Caracas, cheap Tehran gas, economics, Europe, Europe Natural Gas, Europe Oil, European Union (EU), Gas, inflation, Iran, Joe Biden, natural gas, Nicolas Maduro, OIL, opec, OPEC Nations, pdvsa, Russia, sanctioned, Sanctions, Secretary-General Haitham al-Ghais, Tareck El Aissami, tehran, United States, US oil, Venezuelan president


What do you think about Venezuelan president Nicolas Maduro saying that his country is ready to provide oil to the West? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. While the US Dollar Tramples the Euro, Pound and Yen, Russia’s Ruble Skyrockets Against the Greenback ECONOMICS | 7 hours ago Fed Chair Jerome Powell Says a "Difficult Correction" Should Balance US Housing Market ECONOMICS | 9 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWhile the US Dollar Tramples the Euro, Pound and Yen, Russia’s Ruble Skyrockets Against the Greenback Next articleEthereum Classic Hashrate Slides 46% Since The Merge, PoW ETH Forks Gather Double-Digit Gains Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments

News Feed

Biggest Movers: CELO, LUNA Higher, ZIL Moves Over 15% Lower
Biggest Movers: CELO, LUNA Higher, ZIL Moves Over 15% Lower Despite the global cryptocurrency market cap mainly consolidating on Tuesday, LUNA and CELO were some of the session
Economist David Dodge Says Gold Is an ‘Antique Instrument,’ Thinks Digitizing the Canadian Dollar Is Interesting
Economist David Dodge Says Gold Is an "Antique Instrument," Thinks Digitizing the Canadian Dollar Is Interesting The economist David Dodge, the former seventh governor of the Bank
3 Reports Look at North Korea’s Lazarus Group, Iran’s Farhad Exchange, and the Crypto Ponzi Futurenet
3 Reports Look at North Korea"s Lazarus Group, Iran"s Farhad Exchange, and the Crypto Ponzi FuturenetOn May 4, 2020, the blockchain surveillance firm Chainalysis published a three-p
Price analysis 4/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay4 hours agoPrice analysis 4/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin is witnessing a tough battle between the bulls and the bears near the $69,000 level with buyers holding a slight e
Tether’s Stablecoin Dominance Drops Below 80% as Audit Controversy Lingers On
Tether"s Stablecoin Dominance Drops Below 80% as Audit Controversy Lingers OnThe total volume of stablecoins in circulation is closing in on the $20 billion mark, while the market-l
HSBC’s CEO Explains Why Crypto Is Not in the Banking Giant’s Future
HSBC"s CEO Explains Why Crypto Is Not in the Banking Giant"s Future Banking giant HSBC will not be offering crypto services, according to CEO Noel Quinn. Noting that HSBC is more n
Tom Mitchelhill6 hours ago‘Strap yourselves in’ — Bull market coming early 2024, say crypto exchange headsThe heads of Australia’s largest crypto exchanges say a bull run is coming early next year; others say it
US Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans
US Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans Several U.S. lawmakers have introduced the Retirement Savings Modernization Act to provide 401(k)
Rakesh Upadhyay6 hours agoPrice analysis 10/25: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATICBitcoin’s break above $32,400 points to the continuation of the bull move, but will traders be able to sustain the cur
A Slew of Defi Tokens Outperform Bitcoin’s Weekly Gains, Defi TVL and NFT Sales Spike
A Slew of Defi Tokens Outperform Bitcoin"s Weekly Gains, Defi TVL and NFT Sales Spike October has been a strong month for cryptocurrencies like bitcoin but a number of decentralize
Brian Quarmby2 hours agoZachXBT’s research cited in Canadian NFT rug pull class-action lawsuitAccording to court documents, the Boneheads team has been accused of breach of contract, misappropriating funds and misleadi
Bitcoin futures open interest hits all-time high — Is it a red flag for BTC price?
Marcel Pechman2 hours agoBitcoin futures open interest hits all-time high — Is it a red flag for BTC price?Traders’ strong appetite for leverage could be creating the perfect scenario for cascading liquidations.3891