Home to the word's largest oil reserves, Venezuela was set to play a key role in stabilising the global energy crisis brought on by the conflict in Ukraine. Many countries, including Turkiye, have long sought closer energy ties with the South American state. And that outreach was on display this week during a meeting in Caracas between Turkiye's Energy Minister Alparslan Bayraktar and Venezuelan President Nicolas Maduro.
The Turkish energy minister signed two cooperation agreements and added that Ankara and Caracas hope to develop collaboration in oil and natural gas exploration, production, trade, and services. In December last year, a Turkish energy company received permission to invest in oil extraction in Venezuela. Despite having the largest global reserves of oil, Venezuela's petroleum sector has been crippled by years of US sanctions. Following EU and US bans on Russian oil for its attack on Ukraine, Washington eased some bans on Caracas to make up for the shor