American diplomats made a surprising visit to Caracas. The oil sector is devastated.
The trip surprised the international community. A delegation from the US State Department and the White House traveled to Caracas on March 5 to meet President Nicolas Maduro. This is the first time in years that a visit of such a level has taken place. Washington and Caracas severed diplomatic ties in 2019 after Maduro’s re-election as leader of Venezuela in a vote deemed fraudulent. In January 2019, the United States recognized the President of the National Assembly, Juan Guaido, as the sole representative of the country, like some fifty countries including France.
The Washington delegation’s visit could mean a dramatic U-turn in US diplomacy aimed at further isolating Russia as war rages in Ukraine. One of the goals was to find substitutes for Russian gas and oil on international markets and to deprive Moscow of hydrocarbon revenues. In the balance would be…
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