Oil Hits One-Month Low Despite Rising Tensions in Venezuela

The video discusses the political situation in Venezuela under President Nicolas Maduro, highlighting the influence of Cuban forces and the potential for political change. It then shifts to the oil market, examining the perplexing trends in oil prices, the role of OPEC, and the impact of geopolitical tensions in countries like Iran, Libya, and Nigeria. The discussion also covers the challenges faced by US Gulf Coast refiners due to changes in oil prices and the types of crude available.

What are the implications of Venezuelan oil production being half of what it was last year?

Discuss the impact of OPEC's spare capacity on the global oil market as mentioned in the text.