"For oil markets, Venezuela is a footnote in an age of abundance. For the Middle East, it's a reminder that oil pulls geopolitics in dangerous directions. For many, the images from Caracas were jarring in their familiarity. Armoured vehicles on empty streets. The nation's leader abducted by the United States. A declaration from Washington later that the operation was decisive, necessary and complete even as President Donald Trump warned of a second, bigger wave should resistance emerge."
"Venezuela sits atop an estimated 303 billion barrels of proven oil reserves, about 17 percent of the global total and more than Saudi Arabia, whose reserves stand at about 267 billion barrels. Yet, oil production by the two nations tells a starkly different story. According to data from the Organization of the Petroleum Exporting Countries (OPEC), Venezuela produced 934,000 barrels per day in November, less than 1 percent of global demand"
Armoured vehicles patrolled Caracas streets during a US military operation that resulted in the arrest of President Nicolas Maduro and a Washington declaration the operation was decisive, necessary and complete. Global oil markets reacted mutedly, while the Middle East and North Africa face deeper implications for energy security and geopolitical precedent. Venezuela holds about 303 billion barrels of proven reserves, roughly 17% of the global total, yet production fell to about 934,000 barrels per day in November, under 1% of global demand. Production decline began under Hugo Chávez and continued under Maduro, then accelerated after US sanctions in January 2019 that severed oil income by closing oil-for-debt swaps and imposing an embargo on PDVSA.
Read at www.aljazeera.com
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