BP Benefits from Geopolitical Tensions on Oil Supply

about 10 hours ago

Tom McKenzie

"Yeah indeed. Uh meanwhile more action from President Trump and this potential oil blockade has BP on the move. Yeah absolutely. To the US ramping up pressure on Venezuela and ordering the blockade of sanctioned oil tankers off the coast of Venezuela. Um that has boosted the price of crude and as a result we've seen oil majors including BP but also Shell Total Energies were also up this morning. So uh Venezuela is an OPEC member but not one with necessarily a massive influence or weight. So global markets, oil markets won't be massively affected, but of course traders trade on sentiment rather than reality sometimes."

The speaker discusses BP's upward movement triggered by geopolitical actions against Venezuela, noting that while the higher crude prices have given BP and other oil majors a lift, the broader impact on global oil markets is expected to be limited.

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