The U.S. Department of Energy is facing criticism for its sluggish progress in finalizing oil deals with Venezuela. These agreements are crucial for U.S. efforts to revitalize Venezuela’s oil industry, which has suffered from years of underinvestment and sanctions. Venezuelan officials and oil executives have already initiated changes in joint ventures, but final approvals remain pending. Markets may interpret this delay as potentially impacting global oil supply and price projections, reducing the likelihood of crude oil reaching a new all-time high.
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