Oil price: can Venezuela fill the void, if demand is on the rise - again?
Venezuela oil export The pendulum of oil prices is back in the bearish territory, dealing a heavy blow to the ambitious producers in the OPEC+, mainly Saudi Arabia and Russia that tried in vain to push it to the polar opposite. On Thursday afternoon, the selling price of crude oil fell almost by $8, with WTI and Brent recording $73.75 and $78.28 respectively; at some point, the price went down by over $2. Oil price on the decline Neither the war sentiment in Gaza nor the supply constrains applied to Iranian oil could push the price of oil up, defying logic. Although Venezuela is allowed to sell its oil now, years of sanctions, coupled with negligence and lack of investment, have taken their toll on its oil industry. Therefore, it is not feasible for Venezuela to make a swift, significant contribution to the oil markets. From June up until August t his year, the oil exports from Venezuela have, actually, declined. The EIA, US Energy Information Administration, estimates the oil out