Geopolitics:The changing role of the US on the world stage is increasing uncertainty in energy markets, although markets currently rate the likelihood of immediate supply disruptions as low.
Oil production in Venezuela: poor infrastructure and an unstable investment climate make a short-term increase in production unlikely.
Heavy oil: Venezuelan oil is expensive to produce and process, but it is well suited to American refineries and can therefore be economically and strategically attractive.
Natural gas production in Venezuela: The potential for natural gas in the ground is enormous, but exploitation of this resource is not straightforward due to American interference.
TTF: The active monthly contract has been trading below EUR 30/MWh for several weeks, while dependence on Russian LNG is to be phased out by 2026.
