Venezuela situation causing huge geopolitical risk in global oil markets. What does it mean for future market reaction?
Host
Jeff Currie
Geopolitical impact is far larger than fundamental impact. Need to think through lens of European, Chinese, and Indian importers, not US exporters. World just got riskier.
Jeff Currie
As China, I felt secure about oil in ground before. Today I'm no longer secure - I want oil above ground.
What does that mean? What does China do? Is outlook more bullish for oil full stop?
Host
Jeff Currie
Market has record short based on oil supply glut, but that glut is floating in dark fleet ships in South China Sea.