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In the ongoing debate over Venezuela’s energy future, conventional risk assessments often emphasize infrastructure decay, sanctions, and unresolved expropriation claims. While these factors are significant, they do not fully explain the persistent hesitation of international oil majors and supermajors to re-engage at scale. A deeper analysis suggests that the core barrier lies in the political and institutional continuity that has historically undermined contractual stability and long-term planning. Despite changes at the leadership level, the broader structural conditions that previously inflicted substantial commercial losses remain largely in place. This raises important questions about what conditions would be necessary to restore the political durability and legal certainty required for meaningful capital re-entry. I examine these dynamics in my latest Tendencies article. #Venezuela #Energy #OilAndGas #Geopolitics #BusinessDevelopment #CommercialStrategy #EnergyContracts #Tendencies