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Once upon a time some countries in Europe shifted energy production policies. Coal and nuclear were to be replaced by renewables. Hydrocarbons would be phased out as soon as practically possible. The problem with such calculus is that output of renewables is nowhere near that of traditional hydrocarbons-based sources. Environmental concerns at the local level were appeased by shutting down "polluting" energy production in Europe.
Russian oligarchs have become unpalatable, toxic. The social contract that existed between them and countries in the Western world that took / launder their money has been upended due to Vladimir Putin's Ukranian invasion. It wasn't always like that. There was a time when Roman Abramovich showed up in London with his loot and every last member of every establishment celebrated his business prowess, but above all else his largesse. He bought mansions, yachts, a very famous football club, and plenty of access. No one, nowhere, ever questioned origin of his wealth, and word got out.
The Ukraine invasion and meeting between President Biden's officials and Nicolas Maduro in Caracas has awoken PDVSA experts. These days, every "Venezuela energy sector expert" talking to the media is making unsustainable remarks about its alleged capacity to fill the gap that sanctions on Russia's energy will create in the market. They talk about "spare capacity... ability to increase production to 600,000 barrels a day rapidly... release of millions of barrels held in the strategic reserve... Venezuela taking Russia's place in U.S.
UPDATED 23/05/2022 - Listen to this about Martin Rodil from Bloomberg. Compare to this report about an extortion ring operating in Spain, led by Martin Rodil:
U.S. government officials Juan Gonzalez, Jimmy Story and Roger Carstens officially traveled to Venezuela over the weekend for talks with Nicolas Maduro. Carstens had already been to Caracas in early December to discuss the CITGO 6. People seem surprised by what they perceive as a change of heart at the White House, ignoring that Carsten and Bill Richardson had already visited Maduro (unofficially).
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