Middle East War Could Trigger Another Venezuelan 'Feast of Plenty' Fueled by Oil Prices, Analyst Claims

Source: International Business Times

Oil facility of Venezuela's state oil company PDVSA The war in the Middle East could deliver Venezuela another surge in oil revenues as global energy markets react to fears of supply disruptions, potentially repeating a cycle in which geopolitical crises drive higher crude prices and increased inflows of petrodollars, according to an analysis by energy specialist Víctor Álvarez Rodríguez for El País. Álvarez argues that conflicts in the region have historically produced such effects. "Every time a war breaks out in the Middle East, Venezuela receives the sinister privilege of a considerable increase in its oil revenues," he wrote in an opinion column for El País.