"While many are reporting Venezuela's oil infrastructure was unharmed by U.S. military actions, it has been decaying for many many years and will take time to rebuild," said Patrick De Haan, who is the lead petroleum analyst at gasoline price tracker GasBuddy.
It comes after German President Frank-Walter Steinmeier paid a visit to Angola just weeks ago to sound out investment opportunities, with Germany seeking to broaden its partnerships in Africa after turning away from Russian oil and gas in the wake of the full-scale invasion of Ukraine. Angola is an energy giant and logistics hub, and Steinmeier was direct in Germany's aims during the trip.
The report by the International Energy Agency said renewable energy, led by solar power, will grow faster than any other major source in the next few years and that coal and oil demand will likely peak globally by the end of this decade. The report noted that many natural gas projects were approved in 2025, due to changes in U.S. policy, indicating worldwide supply will rise even as questions remain about how it will be used. Meanwhile, global nuclear power capacity is set to increase by at least a third by 2035 after being stagnant for years.
