Big Oil

"Big Oil" refers to the major, multinational oil companies that dominate the global petroleum industry. They are newsworthy due to their strategic decisions regarding investment in politically unstable regions and the implications of international trade agreements. Recent news highlights their reluctance to invest in Venezuela, despite US interest in accessing its oil reserves. This hesitation stems from past seizures, sanctions, and overall political and economic collapse under President Maduro's regime, leading to Venezuela being labeled "uninvestable." Simultaneously, the EU's new trade pact with the Mercosur bloc in Latin America creates a massive free-trade zone, potentially impacting Big Oil's operations and market access in the region. The decisions of these companies are significant because they reflect geopolitical risks, influence global energy markets, and shape the economic landscape of resource-rich nations.