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.
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.