who controls its energy and what Maduro's arrest means
CNBC••general
Key Points:
- The arrest of Nicolás Maduro has intensified scrutiny on Venezuela's oil industry, with state-owned PDVSA maintaining majority control over production and reserves despite involvement from Chevron, Russian, and Chinese firms.
- Venezuela's oil output has drastically declined from a 1997 peak of 3.5 million barrels per day to an estimated 950,000 barrels per day today, with about 550,000 barrels exported daily amid ongoing sanctions and operational challenges.
- A potential pro-U.S. government could enable companies like Chevron, Repsol, and Eni to expand operations, but any regime change risks disrupting exports due to uncertainty over control and recent U.S. sanctions on Venezuela's shadow tanker fleet.
- While Venezuela's heavy, sour
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