The Saudi Finance Minister confirmed that the increase in oil production in Venezuela, as per the United States' wish after they ousted President Nicolas Maduro in early January, will not have a "significant impact" on the oil market.
Mohammed Al-Jadaan stated during a roundtable at the end of the Davos Economic Forum in the Swiss Alps: "I believe that we will not see a significant impact on the oil market."
He added: "Any increase (in production) will take time and require significant investments."
Venezuela has the largest crude oil reserves in the world, amounting to 303,221 million barrels, according to the Organization of the Petroleum Exporting Countries (OPEC), surpassing Saudi Arabia (267,200 million) and Iran.
However, years of mismanagement and corruption led to a drop in production from its peak of over 3 million barrels per day to a historic low of just over 350,000 barrels in 2020.
According to the Saudi Finance Minister: "It is essential to ensure that the estimation of demand and supply on energy, along with price levels supposed to attract investments to the oil market, actually encourages investors, without harming the global economy."
