Analysts highlight the challenges associated with Venezuelan crude oil extraction and refining, which limit its ability to quickly replace supplies disrupted by tensions in the Strait of Hormuz. Venezuelan crude production has increased to approximately 1.2 million barrels per day, but this remains insufficient to offset significant supply disruptions. Market indicators show a reduced likelihood of crude oil reaching a new all-time high by September 30, with odds estimated at 2.2 percent. Market participants will closely monitor developments in the Strait of Hormuz and any changes in Venezuelan oil production capacity.
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