Venezuela Replaces U.S. Oil Giants with Chinese and Argentine Firms

Venezuela Replaces U.S. Oil Giants with Chinese and Argentine Firms

Venezuela hasn’t waited long to replace Western service providers in its oil industry after the U.S. sanctions, and has signed at least nine agreements with foreign firms, including from China, sources with knowledge of the deals told Bloomberg. Under the U.S. sanctions, Western oil producers were given time until May to wrap up their operations in Venezuela, home to the world’s biggest crude oil reserves. U.S. licenses for the biggest oilfield …