UBS Giovanni Staunovo of the group stated that U.S. actions in Venezuela are unlikely to have a significant impact on the balance of the global oil market over the next year. The strategist noted: “Given the dilapidated state of infrastructure resulting from years of mismanagement and underinvestment, any recovery in production would require massive investment.At current oil price levels, and particularly given the ongoing political, security, and legal uncertainties, it remains unclear which companies would be willing to invest in Venezuela.” However, UBS noted that if the U.S. lifts its embargo on Venezuelan oil, production could see a moderate rebound to pre-embargo levels.The bank expects the market surplus to persist until early 2026 and narrow over time; it forecasts Brent crude prices at $62 per barrel by the end of the first quarter, $65 by mid-year, and $67 by year-end.