Analysts Say Venezuelan Oil Can't Offset The Disruption From The Iran War Crisis: 'It's a Math Problem'

Source: International Business Times

Workers of the state company Petroleos de Venezuela (PDVSA) carry a model of an oil well during a demonstration on August 10, 2022. Energy analysts say increased oil production from Venezuela cannot compensate for the massive supply disruptions caused by the effective closure of the Strait of Hormuz resulting from the Iran conflict, according to a new report. The passage normally carries about one-fifth of global supply, a volume far beyond what Venezuela or other producers can quickly replace.