Oil Prices Plummet, Tensions Rise in Venezuela and Ukraine
Update: 2025-12-11
Description
Oil prices plummet amidst US-Venezuela tensions and oversupply concerns. Despite a slight increase, Brent crude fell below sixty-two dollars a barrel. Venezuela, a major OPEC exporter, condemned US forces seizure of a sanctioned oil tanker. Increased production and weak demand growth may lead to an oversupply, though the International Energy Agency slightly reduced its surplus estimate. Ukraine attacked a Russian oil tanker, despite US ceasefire efforts. In 2026, oil stockpiles are expected to rise, but Chinas buying and geopolitical risks may keep the surplus moderate, aiding inventory replenishment.
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