What do Russia and Venezuela have in common? They are allies, and both sit on enviable oil wealth (the latter much more so than the former). What are the major differences between Russia and Venezuela? They are on different continents; the latter lies within the US sphere of influence and does not possess nuclear weapons.
It always takes a day or two to diligently assess any earth-shattering event that has the potential to shake markets to their very core. In the current scenario, this refers to the impact of the Venezuelan crisis, precipitated by the US capture of the country’s former strongman and the appointment of his replacement—his deputy—rather than the legitimate opposition leader.
…and a less volatile and more predictable 2026. The second part of this wish (and even the first half, a sceptic would argue) might be bordering on wishful thinking, at least judging by the main events of the past year. Before attempting to foresee what 2026 may have in store for the world, it is undeniably useful, and by now traditional, to look back at how the past year shaped our lives from a social, political, and economic perspective, not least through the lens of oil. This is what we attempt to outline in today’s report.
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