Chevron and Eni Expand Oil Projects in Venezuela Under Scrutiny The oil industry has long been a contentious issue in Venezuela, where US sanctions imposed over a decade ago have significantly impacted production levels.
The consequences of these sanctions have far reaching effects on both the local economy and international companies operating within the sector.
Background on US Sanctions and Venezuela's Oil Industry In 2019, the US presidential executive order placed new restrictions on Venezuelan oil imports, effectively choking off the country's primary source of revenue.