15:44 - 13.01.2026

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January 13, Fineko/abc.az. - (special news) - The processes taking place in the world, mainly in Venezuela and Iran, have not spared oil prices. True, the effect is small, but the process is still ongoing.

We contacted oil expert Ilham Shaban about the price and the impact of current processes on rising oil prices.

In its statement for ABC.AZ, speaking about the processes currently taking place in the global oil market, he noted that the events in Venezuela affected the decline in oil prices for just one day.

Noting that the indicated decline was very short, the expert said that currently oil prices are moving in the opposite direction, not down: "In a short period of time, several oil shipments began to sell below $60.

However, now the price is $64. What has changed these days that the price of oil has gone up instead of down? First, market participants saw that in practice it is impossible to increase Venezuela's oil production in a short period of time. First, Ristatenergy and then the U.S. Energy Administration reported that it would take at least a year to increase production by nearly 300,000 barrels. It will take years to double the volume. As a whole, Venezuela produced approx. 900,000 b/d of oil.

This make sup only 0.18% of global oil production. Therefore, the impact of Venezuelan oil on the global market was minimal. They exported 670,000-680,000 b/d, about the same as Azerbaijan. And if the influence of Azerbaijani oil on world markets is known, then the influence of Venezuelan oil is about the same.

But there is one difference: Azerbaijan's oil has a wider export geography, and 80% goes to the European market. And 80% of Venezuela's oil was imported by China, as it invested there. Cuba bought 10%, and about 7-8 countries bought the rest.

From this angle, careful analysis of the events in Venezuela, and then the aggravation of the situation in Iran, Iran's influence on the market is much stronger. Now the price of oil is moving up, not down. Of course, it also depends on the global situation in the world."

 

By Elmir Murad