Venezuela’s crude capacity in question

Speculation over potential sanctions deal sparks debate on country’s capacity to raise output

Venezuela’s oil sector and exports have long been burdened by economic sanctions, chronic underinvestment and decaying infrastructure, which have chipped away at both production capacity and export volumes. But the fallout from Russia’s invasion of Ukraine has left Western nations scrambling for additional crude, so a recent visit to Caracas by Biden administration officials spurred speculation the US might reach an agreement with Venezuela to loosen restrictions on its barrels. Subsequent State Department press briefings have dodged questions about Venezuelan crude, instead claiming the diplomatic mission was about securing the release of detained US citizens and “urging the Maduro regime…