Oil prices are plummeting, with Crude Oil hitting a 4-year low. The market's reacting to the US takeover of Venezuela's oil supply, expecting a surge in global supply. This move's likely to add pressure on prices, especially with OPEC+ maintaining steady output.
Key Factors Influencing Oil Prices:
- Venezuela's Oil Production: Potential increase in production could depress prices long-term.
- Global Supply Glut: Ample supply's capping price gains despite geopolitical tensions.
- OPEC+ Policy: Steady output policy's limiting price upside.
Would you like to know more about how Venezuela's oil production might impact global prices or OPEC+'s next move?