🚨 Venezuela’s oil output could double—pressure on oil prices is coming 📉
On September 2, U.S. Energy Secretary Wright said that after relevant investment agreements are implemented, Venezuela’s oil production could more than double in the coming years.
Currently, Venezuela produces about 1.1 to 1.2 million barrels of oil per day. If output keeps rising, global oil supply will increase further, which may put downward pressure on international oil prices.
Plain speak:
With more supply, prices naturally face pressure.
If production is indeed released significantly later on, and combined with improvements in refining capacity, energy prices could cool further.
📌 One sentence: If expansion continues on the crude supply side, the upcoming oil prices and global inflation expectations are both worth close attention.$ACE $FF $SC #G20声明关注数字资产吁负责任创新
On September 2, U.S. Energy Secretary Wright said that after relevant investment agreements are implemented, Venezuela’s oil production could more than double in the coming years.
Currently, Venezuela produces about 1.1 to 1.2 million barrels of oil per day. If output keeps rising, global oil supply will increase further, which may put downward pressure on international oil prices.
Plain speak:
With more supply, prices naturally face pressure.
If production is indeed released significantly later on, and combined with improvements in refining capacity, energy prices could cool further.
📌 One sentence: If expansion continues on the crude supply side, the upcoming oil prices and global inflation expectations are both worth close attention.$ACE $FF $SC #G20声明关注数字资产吁负责任创新
