Venezuelan Crisis to Fuel More Uncertainty in Oil Markets

Venezuela’s opposition leader, Juan Guaido, has called for military’s support to oust current President Nicolas Maduro from power. This has led to violent uprisings in the country, which is one of the leading oil producers globally.

So far, these violent incidents have been distributed and brought under control, as confirmed by the government. Markets analysts anticipate no change in oil prices if Maduro manages to stay in power, which seems more likely for now.

Coupled with the severe sanctions imposed by the US, the political unrest in Venezuela could further hinder crude oil supply in global markets. The Venezuelan crisis adds to further uncertainty in a market that is already reeling under production cuts by OPEC and US’s decision to impose full sanctions on Iranian oil.

At the time of writing, WTI crude oil prices are trading closer to the $63 level.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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