OIES Podcast – The U.S. ousts Maduro: Implications for the oil market and beyond

The recent events in Venezuela have been sending shock waves across the globe and energy markets. In this podcast, Bassam Fattouh (Director of OIES) talks to Michal Meidan (Head of China Energy Research Programme at OIES) and Paul Horsnell (Chairman of Board of Governors of OIES) about the repercussions on energy markets and beyond. The discussion focused on whether recent U.S. actions toward Venezuela are truly about oil or much broader even as U.S. rhetoric continues to emphasize the control over the country’s large oil reserves and its oil trade. They explored how energy considerations intersect with strategic concerns, particularly U.S. efforts to prevent rivals, most notably China, from deepening their foothold in Venezuela’s oil sector and to what extent the current events would harm China’s oil interests. The conversation also assessed short-term oil market implications and debated whether Venezuela could meaningfully boost output post-2026 despite legal, fiscal, institutional, and political hurdles, and identified key signposts to watch over the next year to gauge whether these events could shift the broader oil market narrative away from expectations of large surplus.

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