General Discussion

The United States is the largest producer of oil in the world and the largest consumer. OPEC is also allied with Russia. They would not want Venezuela to produce more because oil is largerly oversupplied now and well below the Saudi or Russian price goals.

Venezuela produces less than a million barrels per day. If they could get production up to 3-4 million barrels, it would further reduce oil pricing. The losers would be Russia who relies on oil to fuel its war machine, the Middle East, and I believe Canada. Canada produces about 4 million barrels of the same low quality crude as Venezuela. Venezuela has only upside, whereas Canada has limited outlets for its oil and receives a substantial discount to market pricing. That discount would likely expand with more high sulfur crude available.