Episode
Venezuela and what to expect from energy in 2026
- Podcast
- Energy Gang
- Published
- Jan 8, 2026
- Duration seconds
- 3097
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Summary
The new year has only just begun, and already we have seen an event with massive significance for the world of energy. The US operation to remove Venezuelan President Nicolás Maduro opens a new era for a country that holds – according to some definitions – the world’s largest oil reserves. So far there has been little impact on oil markets. But what are the implications going to be for energy in the months and years to come? To discuss how this volatile situation might evolve, host Ed Crooks is joined by regular guest Amy Myers Jaffe, Director of NYU’s Energy, Climate Justice and Sustainability Lab, and an expert on oil earlier in her career. History never repeats itself, the saying goes, but sometimes it rhymes. Amy draws a parallel between Venezuela today, and Iraq after the US-led invasion and the overthrow of Saddam Hussein in 2003. There are some similarities in the position of the two oil-rich countries, which were both dragged down by mismanagement and sanctions. But Amy argues that Venezuela’s oil system is in far worse shape, with looted equipment, chronic power and fuel shortages, and damage that may not be reversible. Melissa Lott, another Energy Gang regular, also joins the show, and raises the question of what regime change in Venezuela might mean for the energy transition. Melissa is a partner at Microsoft, but appearing on the show in her usual role as an independent commentator and energy expert. Then it’s on to the other places, people and technologies that are likely to make a big impact on energy this year. Ed is watching the Gulf Coast buildout of new liquefied natural gas (LNG) plants. It is a boom so big that Wood Mackenzie expects US LNG exports to roughly double from 2023 levels by around 2030, with more growth beyond. The gang asses…