TotalEnergies CEO Patrick Pouyanne shares the same cautious view as his counterpart at ExxonMobil regarding Venezuela's oil potential. Reviving the nation's battered industry will require years of work and massive capital investment, Pouyanne said. He believes this timeline means Venezuela won't add substantial barrels to the global market before 2026.

The backdrop is the United States' recent decision to ease some sanctions on Venezuela, allowing international companies to negotiate deals with state-owned Petróleos de Venezuela S. A. (PDVSA). While this opened a door, the industry insiders know the damage is deep.

Decades of underinvestment, crumbling infrastructure, and mismanagement have left the country's vast reserves effectively stranded. Pouyanne's pragmatic stance signals that Western majors will proceed with caution. They need clear, long-term legal and financial frameworks before committing the billions required.

For now, the world will have to wait for any significant relief from Venezuelan crude.