The sanctions placed on the Venezuelan oil industry by the United States seem to be working.
According to The Washington Free Beacon:
For the first time in a century, there are no oil rigs in the country actively searching for new oil. Instead, nearly all oil-based infrastructure has been directed toward already drilled resources.
“Venezuela’s days as a petrostate are gone,” Risa Grais-Targow, an analyst at Eurasia Group, a political risk firm, told the Times.
Numbers bear out the impact sanctions, economic mismanagement by the Maduro regime, and the coronavirus pandemic have had on Venezuelan oil. At its peak, Caracas was the largest oil exporter in Latin America, exporting $90 billion a year in petrol. The 2020 projection for Venezuela’s export regime is now $2.3 billion.
In large part, Venezuela’s economy is in shambles due to Washington’s robust sanctions. Even allies such as Iran have had attempts to engage in oil trade with Caracas blocked by American naval forces.
The Beacon also stated it is unlikely that the industry recovers in Venezuela in the near future due to the demand of the global market and unstable political leadership.