Showing posts from October 22, 2023

Easing sanctions against Venezuela: contribution to the oil markets is still a drop in the ocean!

Oil price on Tuesday - 23/10/23: The US recently eased its sanctions against Venezuela on condition that the government led by Nicolas Maduro would hold free and fair elections in 2024. The move, not unexpected, came as the tension in the Middle East rose exponentially with the possibility of the US being sucked into the current conflict between Hamas and Israel at an unexpected time. The conflict has already pushed the price of crude oil up and its impact is already apparent on the economic front. Even the US, the world's largest crude oil producer - and consumer - has failed to shield  itself from the direct impact of rising energy prices. With the US technically at an economic war with both Russia and Iran simultaneously, it knows the energy crisis could become a political bullet to rip open the heavy armour of complacency of the American middle classes that the administration has taken for granted,  unless handled strategically - especially, when the next p

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