News
Post-Maduro Venezuela and the implications for global energy markets
On Wednesday, 4 March 2026, CEPMLP hosted the first webinar of its 2026 Visiting Speaker Series
Published on 9 March 2026
The webinar was held online via Microsoft Teams and supported by the Society of Petroleum Engineers (SPE) - Dundee Chapter and the Association of International Energy Negotiators (AIEN) society
The session, moderated by Professor Xiaoyi Mu (Shawn Mu) of CEPMLP, featured two distinguished panellists: César R. Mata-García, PhD, an expert in Venezuelan petroleum law and regulation, and Michal Meidan, a leading specialist in Chinese energy markets and geopolitics.
Dr Mata-García traced the evolution of Venezuela's petroleum sector, focusing on the Reform of the Oil Law unanimously approved on 29 January 2026. Key provisions include allowing participation of 100% private-owned company, introducing new contracting regimes with PDVSA, permitting arbitration, and significantly reducing the government take. However, Venezuela remains under US sanctions, with OFAC licences requiring that all cash flows be deposited into US Treasury-designated accounts and contracts governed by US law - leading some major oil companies to express serious concerns about the investment climate under the current framework.
Michal Meidan examined China's position in relation to Venezuela, noting that despite over $10 billion outstanding loans to Venezuela, Venezuelan crude represents only around 3% of China's total oil imports. The loan repayment mechanism - structured as loans-for-oil - has effectively broken down under the new sanctions’ regime. Panellists presented four scenarios for Venezuela's future, concluding that long-term institutional reconstruction remains the most realistic path, though it will take many years.
By Dhriti Badami, MSc Sustainability and Environmental Modelling