Daily Energy Report

Daily Energy Report

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Daily Energy Report
Daily Energy Report
Daily Energy Report

Daily Energy Report

Venezuelan elections & oil markets, S Korea’s US oil imports, Biden buys oil for SPR, Oman bets on LNG, EV gloom, AI searches for metals, Spain’s climate spending, and more.

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A F Alhajji
Jul 29, 2024
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Daily Energy Report
Daily Energy Report
Daily Energy Report
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Chart of the Day: Venezuelan Elections, Oil Production, and Exports

Summary

Venezuelan presidential elections were held yesterday. Maduro was declared a winner, and he will serve a third term amid accusations of fraud. Should the results be different, the impact on the oil market is significant, especially in the medium term. Figure (1) above shows Venezuela’s crude oil production. Production declined significantly in recent years. However, it increased after the Biden administration gave exemptions to Chevron and other companies to rehabilitate Venezuelan oil fields.  Figure (2) below shows Venezuelan crude exports by destination.

EOA’s Main Takeaway

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