At a briefing, the Director of the Economic Analysis and Policy Division of the UN Department of Economic and Social Affairs, Shantanu Mukerji, reported that the percentage of Venezuelan oil in international markets remains low. In response to a journalist's question, he noted that the economic situation in the country has been characterized by instability for a long time.
According to him, over the past ten years, Venezuela's gross domestic product has decreased by approximately 70%. The country has faced hyperinflation, leading to a deterioration in living conditions, and a significant number of citizens have been forced to leave their homeland.
“We do not forecast significant changes in proportions. At the same time, international oil prices have remained quite low throughout this year, which has affected various economic sectors. However, as I mentioned, considering the small share of Venezuelan oil in the global market, no substantial changes are expected,” Mukerji added.
Furthermore, the UN emphasized that although oil reserves in Venezuela are quite large, the level of production remains low, and the market's response has been muted. Organization experts believe that reductions or changes in the supply of Venezuelan oil will not have a significant impact on global markets in the near future.
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