Venezuela’s Oil Reset Has Finally Begun

Venezuela has entered the most consequential reset of its modern history. The removal of Nicolás Maduro on 3 January has abruptly reopened a petro-state that sits atop the world’s largest proven oil reserves yet produces barely a sliver of its potential.

After two decades of mismanagement, sanctions, and collapsing infrastructure hollowed out Petróleos de Venezuela, S.A. (PDVSA) and drove output to historic lows, Washington is now betting that a rapid, U.S.-directed revival can turn the country from a stranded giant into a strategic