This Is What Maduro's Arrest Means for the Oil Market | Odd Lots

Venezuela is sitting on, by some measures, the biggest oil reserves in the world. And yet in the immediate wake of Maduro's capture by US forces, the actual price of oil has moved very little. So what gives? And what are the stakes for the industry? On this episode, we speak with Gregory Brew, a senior analyst at the Eurasia Group. Greg has the perfect background for this conversation, because in addition to closely monitoring both the oil industry and the global geopolitical environment, he's a trained historian. So we talk about the long history of the Venezuelan oil industry, starting in its boom years, and then its ultimate decline amid nationalization, corruption, sanctions, and blockades. He explains to us the potential huge costs of restarting production, the actual logic behind the arrest, as well as potential fallout across Latin America, and with Venezuela's friends, such as Iran, China, and Cuba. 0:00 Opening Discussion on Venezuela's Oil Significance 4:44 Discussion of the unprecedented nature of the US intervention and explicit oil-focused messaging 10:30 Venezuelan Oil Reserves: Reality vs. Claims 14:22 Historical Context of Venezuelan Oil Production 20:38 Why Chevron Remains in Venezuela 24:27 Political Situation Analysis 27:21 Requirements for Oil Company Re-engagement 30:27 Guyana Territorial Dispute Context 32:03 Core Question: Is This Really About Oil? 36:44 Geopolitical Implications and Future Threats 40:37 OPEC Response and Market Dynamics 43:11 International Reactions: China, Iran, Russia 47:32 Implications for Cuba 49:06 Conclusion and Wrap-up #Venezuela #Maduro #oil Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter via https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video

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