Venezuela's oil revival is threatened by a skilled worker shortage, energy executives in Venezuela warn they are struggling to recruit enough skilled workers to revive the country's dilapidated oil sector, according to FT
Newsquawk ·
Venezuela's oil revival is threatened by a skilled worker shortage, energy executives in Venezuela warn they are struggling to recruit enough skilled workers to revive the country's dilapidated oil sector, according to FT. Skill shortages of this kind have historically been the binding constraint in post-attrition oil sectors, where the loss of experienced engineers and technicians from a national producer has proven harder to reverse than the loss of physical capacity, since wells and upgraders can be restarted but institutional knowledge cannot be rebuilt quickly. The distinction worth drawing is between headline production targets and operable output: heavy crude of the Venezuelan type requires diluent supply, upgrading capacity and continuous technical management, all of which are labour-intensive in a way that lighter shale output is not, and each has historically been a point of failure in attempted revivals. Episodes of this pattern have tended to produce repeated downward revisions to recovery timelines rather than a single repricing event, with the market gradually discounting announced capacity additions. The actors with prior form here are the state producer, whose workforce was hollowed out over years of political interference and emigration, and the foreign partners whose willingness to deploy personnel has been conditional on sanctions treatment and contract terms. The follow-ons are whether licensed operators can secure exemptions or staffing arrangements, actual export loadings versus stated targets, and any wage or contract restructuring aimed at reversing the brain drain. As reporting rather than a decision, the signal is that supply-side optimism on this source should be treated as slow-moving. 28 Oct, 22:53 Petrobras (PBR) Q3 oil and gas output at 3.5mln BOEPD (prev. 3.14mln Y/Y, sales 3.49mln BOEPD (prev. 3.26mln Y/Y) 28 Oct, 18:41 US CRUDE WRAP: WTI (Z6) SETTLES USD 2.88 HIGHER AT USD 102.78/BBL 28 Oct, 16:31 US Energy Secretary Wright says diesel exports from Arabian Gulf likely to increase, and diesel prices will drop significantly 28 Oct, 14:58 Dutch PM says no European ally is willing to buy Russian crude 28 Oct, 14:21 ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg TTF rises to EUR 100/MWh for the first time since December 2022 16 hours ago Russia and Azerbaijan are discussing natural gas swap supplies, reports Interfax 16 hours ago US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels 17 hours ago Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline 17 hours ago UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement 17 hours ago Equinor (EQNR NO) CFO says must be prepared for some demand destruction in Europe due to high gas prices; production from the Johan Sverdrup field is down 11% to date and it expects a larger decline next year 18 hours ago Black Sea CPC oil exports to decline 2% M/M in November, sources report 19 hours ago Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects 19 hours ago The European Parliament’s environment committee will vote on reforms to the EU Emissions Trading System (EU ETS) on 1st December 2026 20 hours ago US Transportation Secretary Duffy is to announce approval of a license application for an USD 8.2bln deepwater LNG export port at Port Houston during a visit to Texas on Wednesday, Punchbowl reports 20 hours ago Equinor (EQNR NO) CEO says what happens in the Middle East determines the price of oil, refined products and gas; hopes that Britain will approve the Rosebank oilfield 21 hours ago A drone strikes an oil pipeline in Sudan’s Red Sea State, causing damage and an oil leak, Al Hadath reports, citing its correspondent 21 hours ago Vietnam's government is considering cutting special consumption tax on gasoline to zero 1 day ago US President Trump says he is terminating Biden's methane regulations 1 day ago US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln 1 day ago
DYAX Investor Sentiment
Bullish (Long) 50% · Bearish (Short) 50%
394 participants
Related News
- Russian Defence Ministry reports 1,214 Ukrainian drones were downed overnight
- UKMTO reports a vessel is on fire 9 nautical miles north of Khasab, Oman
- STMicroelectronics (STMPA FP) Q3 (USD) 0.37 (prev. 0.29 Y/Y), rev. 3.76bln (exp. 3.71bln), sees Q4 rev. 4.15bln (exp. 4.11bln)
- South African M3 Money Supply (Sep YY) 7.93% (Prev. 8.89%)
- South African Private Sector Credit (Sep YY) 6.23% (Prev. 7.47%)
- South Korea's Presidential Office holds an emergency meeting regarding North Korea missile launch
