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Can Venezuela Rebuild Its Crushed Downstream Sector? U.S. President Biden’s assumption of power has instilled a new sense of hope in Venezuela’s political leadership, with Nicolas Maduro stating that his country was willing to “walk a new path with Biden’s government”, provided that this path is based on mutual respect and understanding. Donald Trump’s tenure brought about an unprecedented decline in US-Venezuelan relations, even in his last day in presidential office Trump had a string of oil traders and 6 oil tankers added onto OFAC’s relevant sanctions list. Heretofore the new path has failed to materialize, Biden has reaffirmed the White House’s support for Juan Guaido and has renounced on the idea of meeting Chavez’s successor. However, the media hullabaloo surrounding the US elections has greatly helped PDVSA to rebuild some of its long-damaged refining infrastructure. ....
U.S. President Biden’s installation in the White House has gotten Venezuela’s leadership optimistic about the possibility of reviving its battered oil industry, and restart its domestic refineries ....