Introduces Helima Croft, RBC Capital Markets Global Head of Commodity Strategy, and asks about the path for Venezuela's military to exit the oil business.
Speaker1
Helima Croft
Venezuela's oil production has been in multi-decade decline due to military/criminal control and deteriorated infrastructure. The key question for US energy companies is how much capital they want to front for a turnaround.
Asks about seized assets from US oil companies and how to factor Russia and China into the macro picture.
Speaker1
Helima Croft
Doesn't hear enthusiasm from companies about returning to Venezuela due to unresolved questions about who is running the country and providing security guarantees.
Helima Croft
Highlights existing Russian (Rosneft) and Chinese interests in Venezuela, complicating any US re-entry.
Asks if the US would use Venezuela as leverage against China or Russia.
Speaker1
Helima Croft
References a theory about Russia offering to trade Venezuela for US hands-off in Ukraine, linking it to broader spheres of influence strategy.
Questions the notion that Venezuela could become the United States' oil reserves.
Speaker3
Helima Croft
Expresses strong skepticism that Venezuela can be a bulwark of US energy security, contrasting its heavy oil with US shale.