US Blockade on Venezuela: Oil Prices Surge

U.S. Blockade on Venezuela Sends Oil Prices Soaring: A Podcast SummaryThe U.S. governments recent blockade on Venezuela, targeting President Nicolas Maduro, has caused a significant jump in oil prices. Brent crude surpassed sixty dollars a barrel, while West Texas Intermediate crude reached nearly fifty-five dollars a barrel. This move, aimed at pressuring Maduro and supporting opposition leader Juan Guaido, is expected to further strain Venezuelas declining oil industry, potentially removing five hundred thousand barrels from the market daily. However, other major producers like Saudi Arabia may increase output to fill this gap. OPEC and its allies are also expected to extend their current production cuts, further supporting the market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.