The impact of sanctions on Venezuelan economy and oil industry has been an ongoing debate. Some experts argue that sanctions have detrimental effects on the economy and living conditions. However, others suggest that sanctions had only a “partial” effect on the decrease in oil production. While some studies point out that sanctions are responsible for the humanitarian crisis. Contrasting views emerged, indicating that the humanitarian crisis predated the sanctions. The precipitous decline in oil production after the January 2019 sanctions is attributed primarily to local problems, such as electric blackouts and mismanagement. Oil production increased again in 2022 through shady deals, an increase in illegal trade, and geopolitical changes by redirecting oil sales, legally or illegally, to countries such as China, Russia, and India. Some submitted that U.S. sanctions caused a sharp drop in Venezuelan public imports. Others disputed these conclusions. Even more, they argued that sanctions forced economic liberalization, aiding in economic growth from late 2021 to 2022. Ultimately, it’s agreed that Venezuela’s complex political economy and elements of corruption make it difficult to determine sanctions’ precise impact. Original Text-> CaracasChronicles
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