How events in Venezuela could reshape global commodities

18 snips

Jan 13, 2026

Guest

Otar Dgebuadze

Natasha Kaneva, Head of Global Commodities Research at J.P. Morgan, discusses how recent events in Venezuela may shape global oil and gas markets. Greg Shearer, specializing in metals markets, highlights the opaque data and challenges in the Venezuelan metals sector, including gold and nickel opportunities. Otar Dgebuadze focuses on the potential of Venezuelan LNG exports and the bearish impacts on current markets. As Western investments return, oil and gold could see significant long-term supply increases, reshaping global commodity dynamics.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Venezuela Could Add Millions Of Barrels

A political transition in Venezuela could raise oil production to ~1.3–1.4 mbd in two years and possibly 2.5 mbd over a decade.
That supply shift could reshape geopolitics and keep oil prices in lower historical ranges, boosting U.S. influence over global reserves.

ADVICE

Invite Energy Firms Back Quickly

Encourage Western energy firms to re-enter Venezuela to rebuild infrastructure and unlock production.
Policymakers and firms should prioritize investment and access to accelerate output recovery.

INSIGHT

Reserve Consolidation Would Shift Market Power

Consolidating reserves from Venezuela, Guyana and the U.S. would give the U.S. about 30% of global oil reserves and alter market power.
That geopolitical shift could allow the U.S. to influence prices and trade patterns for decades.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

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.

This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.