LatAmOil: Trump's return could threaten Venezuela oil sanctions thaw

US President-elect Donald Trump's return to the White House is set to reshape Washington's approach to Venezuelan oil policy, as analysts debate whether his administration will revive the "maximum pressure" campaign that marked his first term.

The appointment of Marco Rubio, a prominent advocate of regime-change efforts against Caracas, as Secretary of State has sparked speculation about a potential hardening of the US stance towards Venezuela, which has recently enjoyed limited sanctions relief under the Biden administration in a failed attempt to drive democratic transition.

Meanwhile, the cash-strapped country's oil industry continues to face challenges as it grapples with fires and outages stemming from ailing infrastructure, with November production falling to 876,000 barrels per day, according to OPEC's latest report based on secondary sources. This represents a decline from October's 896,000 bpd, though exports rose 10% month on month to 974,000 bpd buoyed by sales to Asian customers, reaching a five-year high.

Industry observers and think-tanks, including the influential Atlantic Council, have urged the incoming Trump administration to maintain the current framework of targeted sanctions relief rather than return to blanket restrictions.

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