Global oil markets have remained relatively steady despite renewed geopolitical tensions between the United States and Venezuela, with crude prices continuing to trade within a narrow range. While Venezuela holds some of the world’s largest proven oil reserves, decades of mismanagement, underinvestment and international sanctions have significantly curtailed its production capacity. As a result, the country currently contributes only a marginal share to global oil supply. Commenting on the situation, Sam North, Market Analyst at eToro, said: “Venezuela’s current oil output, now below 500,000 barrels per day, represents less than ...