Venezuela's Real "Crime"? Too Much Oil

[GreatGazoo]

Oil is not profitable to pump or refine when the price of West Texas Intermediate (WTI) falls below $60. Negotiations to end the Ukraine war have dropped WTI to $58 because they are rumored to include the end of sanctions on Russian oil.

The increase in supply from Russia will be offset by throttling oil from Venezuela. Drugs have nothing to do with it except as an excuse. Like 'Saddam has WMD' -- "Venezuela is shipping fentanyl" is not easily disproved by the target country. It plays out like an international version of:

"I smell weed! Get out of your car!"

"No you don't and I do not consent to searches."

"My drug sniffing dog agrees with me! Get out!" (hands treat to dog)

Oil is see-sawing as negotiations continue. The Venezuela sanctions are cued up leading me and other to believe that the reduction or end of Russian sanctions is imminent.

Oil markets are awaiting the outcome of the talks to see if a deal could lead to the removal of sanctions on Russian companies, including major oil companies Rosneft and Lukoil, that would free up restricted oil supply.
...
Oil prices climbed more than 1% on Wednesday after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector.

Brent crude gained 78 cents...while U.S. West Texas Intermediate rose 85 cents, or 1.5%, to $59.49. Both contracts fell more than 1% in the previous session.

https://www.cnbc.com/2025/12/03/oil-prices-fall-on-weak-demand-as-markets-await-ukraine-peace-effort-for-supply-signs.html