United States blocks Venezuelan oil and petroleum product trade

The United States has announced a blockade on Venezuela, impacting oil and petroleum product trade. This action follows discussions on the geopolitics of oil, including Russia's war in Ukraine and OPEC's production cuts. The global energy system's interconnectedness and increasing demand, particularly from Asia, were highlighted. The article also touches on the role of state-owned oil companies, the energy transition, and the varying approaches to nuclear energy and fossil fuel production across different regions.