Oil Markets Brace for Turbulence as Trump Turns Up Pressure on Venezuela
Venezuela’s Barrels in the Balance as Trump Turns Up the Heat As the US Senate voted down a motion that would have required President Trump to get congressional approval for any military attack on Venezuela, the oil markets are now bracing for a new geopolitical risk premium to kick in soon. Any potential US attack on Caracas would have a short-term bullish impact on oil as the return of Chevron to Venezuela has allowed PDVSA to stage a minor production rebound to 1 million b/d in recent years. Venezuela reported crude production of 1.097…