Oil is one of the few things rising today - is there a real chance the US could go into Venezuela?
Host
Helima Croft
Massive US military buildup off Venezuela coast raises questions about potential regime change operation or psychological operations against Maduro
Chevron is biggest American operator in Venezuela; country has world's largest oil reserves but production dropped from 4M to 500K bpd
Host
Helima Croft
Venezuelan oil sector faces massive degradation - PDVSA capacity destroyed, infrastructure terrible, massive brain drain
Immediate production gains from sanctions relief likely minimal due to infrastructure collapse at Lake Maracaibo
Host
Helima Croft
Long road back for Venezuela oil production - maybe couple hundred thousand barrels from sanctions relief, but million barrel gains will take time
Oil up slightly but still below $60; question about longer-term energy play given lack of investment
Host
Helima Croft
Key near-term catalyst is November 21 sanctions on Russian oil exporters Rosneft and Lukoil - potential 1-1.5M barrels unable to find homes