Nicolás Maduro has probably never heard of Enya, but he will nonetheless be hoping that the US naval build-up in the Caribbean simply sails away. Although a US military engagement with Venezuela could push oil prices higher in the near term, we suspect that any increase would be modest and probably short-lived. Meanwhile, despite hopes that new leadership could lead a renaissance in Venezuela’s beleaguered oil sector, it would surely take huge investments, and many years, to get more of the vast oil reserves in the Orinoco Belt flowing.
We will be discussing where’s next for commodities prices in a Drop-In on Thursday 20th November at 1000 ET/1500 GMT. Register here for the 20-minute online briefing.
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