Venezuela in no capacity to replace Russian oil
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.