Trump’s Venezuela Gambit Could Erode OPEC’s Clout in Oil Markets ...Middle East

For the past year, surging oil production from the Americas – led by the United States, Guyana, and Brazil – has been a headache for OPEC in its efforts to rebalance the market and seek higher oil prices. OPEC’s efforts to continue influencing global oil supply and prices could be further undermined by the U.S. intervention in Venezuela and President Donald Trump’s idea to control the oil industry of the world’s biggest crude resource holder.   OPEC member Venezuela is estimated to hold 303 billion barrels of…

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