US Treasury Secretary Bessent says increased Venezuelan crude oil supply means lower fuel prices and proceeds from the sale of Venezuelan oil will return to Venezuelans
Newsquawk Staff ·
US Treasury Secretary Bessent says increased Venezuelan crude oil supply means lower fuel prices and proceeds from the sale of Venezuelan oil will return to Venezuelans.
What it means
The statement from US Treasury Secretary Bessent about increased Venezuelan crude oil supply suggests a potential easing of oil prices, which could impact market sentiment and inflation expectations. If Venezuelan oil proceeds are funneled back to the local population, it may signal a shift in domestic policy that could stabilize or enhance Venezuela's geopolitical dynamics, affecting broader energy markets including WTI and Brent.
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- CRUDE WRAP: WTI (Z6) SETTLES USD 0.37 LOWER AT 96.09/BBL
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- Venezuela's October oil exports 1.08mln bpd, almost unchanged, according to shipping data
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