How Venezuela’s Oil Could Shake Up the World Supply
The New York Times••business
Key Points:
- Oil markets have remained stable following the ouster of Venezuelan President Nicolas Maduro, highlighting the country's diminished influence in global energy due to political turmoil, economic issues, and U.S. sanctions.
- Venezuela holds the world's largest untapped oil reserves, particularly extra heavy oil, which could potentially impact global oil markets and gasoline prices if the industry experiences a revival.
- Current Venezuelan oil production is around 820,000 barrels per day but may decline further due to a U.S. naval blockade, though oil prices have stayed steady near $61 per barrel for Brent crude.
- Analysts predict a potential oversupply of oil in the early part of the year, which could drive prices down to about $50 per barrel, a level that
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