Mukerji reported that over the last decade, Venezuela's gross domestic product has shrunk by approximately 70%. This has been accompanied by hyperinflation, worsening living conditions, and mass migration of the population outside the country.
“We do not expect significant changes in proportions. Moreover, this year international oil prices have remained relatively low, which has affected various sectors of the economy. However, as I mentioned, given the small share of Venezuelan oil in the global market, no serious changes are anticipated,” he added.
The UN also emphasized that while Venezuela has substantial oil reserves, its production level remains low, resulting in a moderate market reaction. According to the organization's experts, this indicates that any reductions or changes in Venezuelan oil supplies in the short term will not significantly impact global markets.
