How events in Venezuela could reshape global commodities
Making Sense
Aluminum and bauxite capacity constraints
Greg notes bauxite and smelting exist but utilization is low and power supply limits aluminum's near-term price impact.
Recent events in Venezuela have so far had limited immediate impact on global commodity markets — but the longer-term implications could be significant, especially if Western investment returns to the country. In this episode, analysts from J.P. Morgan Global Research explore the outlook for oil, natural gas and metals.
Speakers:
Natasha Kaneva, Head of Global Commodities Research
Greg Shearer, Head of Base & Precious Metals Research
Otar Dgebuadze, Natural Gas Research
This podcast was recorded on January 9, 2026.
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