Crude Oil: Venezuelan Developments Leave Room for Long-Term Supply Increases

The reaction in oil prices following the US arrest of Venezuelan President Nicolas Maduro suggests the market is more focused on the potential for supply increases in the longer term than any short-term disruptions from a power transition Potential Supply Increases Are Significant, but Still a Long Way Off While Venezuela sits on significant oil reserves, its production is fairly small, with output averaging a little over 900k b/d in 2025. This is less than 1% of global consumption. Domestic oil supply has ...