FT News Briefing Venezuela’s crumbling oil infrastructure
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Jan 8, 2026 
Malcolm Moore, FT energy editor, joins to unpack the dire state of Venezuela's oil infrastructure, revealing its crumbling facilities and the massive investment needed for recovery. He discusses the history of oil decline, tracing it back to nationalization and sanctions. Henry Foy, FT Brussels bureau chief, dives into the UK and France's commitment to troop deployment in Ukraine and explores the intricacies of proposed security guarantees amidst complex political dynamics. Together, they highlight the intersection of energy politics and global stability.
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US Plans To Control Oil Sales
- The US intends to control Venezuelan oil sales and route proceeds through US banks while reopening the sector to American companies.
- Chris Wright framed this as selling backed-up and ongoing production to integrate Venezuela into US energy markets.
Scale Of Venezuela's Oil Decline
- Venezuela's oil output collapsed from 3.5m to under 800,000 barrels a day due to widespread degradation.
- Malcolm Moore says tanks, pipelines and rigs are rusted, incomplete or missing, requiring massive repairs.
Politics And Sanctions Broke Investment
- Nationalisation under Hugo Chávez and subsequent sanctions left PDVSA cash-starved and unable to invest.
- Malcolm Moore links asset seizures and discounted sales to small buyers as the core reasons for the collapse.