Global Oil Prices Fluctuate Amid Oversupply Fears and Venezuela Tensions

Global oil markets are currently experiencing price fluctuations, with short-term climbs occurring despite significant oversupply fears. Geopolitical tensions, particularly the US stance on Venezuelan oil, continue to influence market sentiment.

• Crude oil prices show daily/weekly climbs but broader monthly/annual declines due to oversupply.
• Widespread fears of oil oversupply persist, with IEA forecasting surpluses into 2026.
• US continues aggressive 'quarantine' and seizure of Venezuelan oil, termed 'resource imperialism' by experts.
• India, a major oil importer, faces economic vulnerability due to global price volatility.
• Venezuela and Russia strengthen oil ties, impacting global geopolitical dynamics.
• OPEC+ and non-OPEC+ nations contribute to increased global oil production.

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