⏱ 2 min read
Background
Since 2019, US sanctions on Venezuela's state oil company PDVSA have all but halted Swiss traders' business with the country. In early January 2026, a US military intervention led to the capture of President Nicolás Maduro. Switzerland, mainly Geneva and Zug, is the world's largest energy trading hub.
The key points
Swiss oil traders are weighing the prospects of resuming business with Venezuela, swissinfo.ch reported on 7 January 2026. The question is not whether its oil will matter again, but when and under what conditions.
Sanctions formally remain in force. Traders need certainty before committing significant capital. Vitol and Mercuria, which already own assets in the United States, are following the situation closely.
Key figures
- 300 billion barrels : Venezuela's proven reserves, at least
- 17 % : share of global reserves, the largest in the world
- 1 million barrels a day : output barely reached before the intervention
- USD 100 billion : cost estimated by some experts to modernise the sector, at least
Who says what
- Florence Schurch (Secretary General of Suissenégoce): for now, the political impact matters more than the business impact.
- Giacomo Luciani (lecturer at the University of Geneva): traders could finance projects by taking minority stakes.
What's next
- According to Florence Schurch, the US mid-term elections in November 2026, could weigh on the country's governance.
Further reading
Sources
Let’s share Romandy’s news
We build the news together.
An idea, an opinion, a wish, a detail to add? Tell us!
