“In the near term, there is little scope for a meaningful increase in Venezuelan oil volumes. The key issue is not whether investment interest can be revived, but how far the system can realistically adapt under structural constraints – degraded infrastructure, heavy crude complexity, and institutional risk,” Tatiana Mitrova, research fellow at Columbia University’s Center on Global Energy Policy told NE Global. “Against this background, Venezuelan or Iranian supply stories do not redefine the global oil market trajectory; they are absorbed within an already adaptive system, which is why prices respond more to demand dynamics and substitution capacity than to individual supply narratives,” Mitrova added.
https://www.neglobal.eu/venezuelan-iranian-oil-supplies-unlikely-to-redefine-oil-trajectory/