Although Venezuela is well known for having vast oil reserves, it is likely to require a number of years and significant investment to meaningfully increase the country’s oil production.
Elsewhere, precious metals and copper have extended their rallies to new record heights. But subdued physical demand growth, higher CME margin requirements, and an unwinding of the broader market exuberance are factors supporting our below-consensus view for most metals prices to fall back markedly by end-2027.
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