U.S. Oil Gear Flows to Venezuela
Used oilfield equipment from across the United States is flowing into Venezuela to support a major industry reconstruction effort. Shippers are rushing to send rigs and trucks as Washington eases sanctions, though reliability and insurance concerns remain.
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Pre-owned U.S. oilfield gear is flowing into Venezuela as buyers rush to secure equipment for a $100B reconstruction push. The equipment rush follows a policy shift by the United States to ease sanctions on the OPEC nation. The revival aims to rebuild an oil sector that peaked above 3M barrels per day in the late 1990s but has since stalled.
