PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 8.Jun.2025, Words: 136) — The government of Venezuela’s president Nicolás Maduro is laying the foundations to implement a 50% increase in petrol prices at the pumps across the South American country with the world’s largest crude oil reserves.
This, as Venezuela prepares for a decline in oil-related income in the aftermath of Chevron Corporation, and other international oil companies (IOCs) — from Eni, Repsol and Maurel & Prom — losing their licenses to operate in the country.
