Oil Market Impacts from Venezuela

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 6 January 2026

⏱️ 12 minutes

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Summary

Goldman Sachs Research’s Daan Struyven joins Allison Nathan to discuss the potential implications of the situation in Venezuela for the oil and commodity markets. This episode was recorded on January 5th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2026 Goldman Sachs. All rights reserved Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Investors are carefully watching the situation in Venezuela, with potential implications for the oil and other commodity markets on the top of investors' minds.
0:14.1	So my guest today is Don Stroeven, co-head of Global Commodities Research in Goldman Sachs Research.
0:19.0	He joins us by phone from Miami, where the Goldman
0:21.3	Sachs Energy, Clean Tech and Utilities Conference is just getting underway. Dan, thanks for
0:29.1	much making the time. Thanks a lot, Adamson, for having you.
0:32.7	So, Don, first just catch our listeners up on the recent developments in Venezuela. What's
0:37.3	happened?
0:38.1	And give us a sense of the importance of these developments for the oil market.
0:42.2	Venezuela's president, Maduro, was captured by the U.S. over the weekend in Caracas on charges of drug trafficking, along with his wife.
0:51.2	And his VP, Delci Rodriguez, is now the interim leader.
0:55.0	We have not seen any disruptions to oil production of Venezuela.
0:59.0	Venezuela is an important oil producer, I should say potential oil producer,
1:04.0	accounting for about 1% of global production, but 20% of global reserves.
1:09.0	But so far no disruptions.
1:10.0	The big question are on the political side, will we see elections?
1:13.6	And then of course, what will happen to the oil industry in coming months and years ahead.
1:17.6	So just to reiterate, there have been no disruptions to oil supplies at this point.
1:22.6	So with that backdrop, how have oil markets responded so far?
1:26.6	And what do you make of this initial market reaction?
1:29.8	The reaction has been quite muted.
1:32.3	Oil prices are up about a dollar or so.
1:35.5	And I think it makes sense that the reaction is muted because the short term effects are
	...

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