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Oil Prices Likely To Fall Later This Year As Global Supply Expands: Signum’s Charles Myers
Oil Prices Likely To Fall Later This Year As Global Supply Expands: Signum’s Charles Myers
‘Because the US now controls Venezuela essentially, and which means the US has unfettered 100% access to the biggest oil reserves in the world,’ chairman of Signum Global Advisors.
Global oil prices could decline significantly later this year as additional supply enters the market from countries such as Venezuela, Iran and Russia, according to Charles Myers, Chairman of Signum Global Advisors.
Speaking at the second edition of Moneycontrol’s Global Wealth Summit 2026, Myers said geopolitical developments could eventually lead to a surge in global oil supply.
“I say that because the United States now controls Venezuela essentially, and which means the United States has unfettered 100% access to the biggest oil reserves in the world. The oil output from Venezuela will increase much faster than most assessments,” he said.
Myers said easing geopolitical tensions later this year could unlock additional oil supply from multiple regions.
He noted that Venezuela, which holds the world’s largest proven oil reserves, could play a key role in boosting global supply if production ramps up quickly.
According to him, improved relations with Iran and the possibility of a renewed nuclear deal could allow Tehran to export more oil legally. A potential ceasefire in the Ukraine war could also bring more Russian oil back to global markets.
He added that strong investor interest in Venezuela’s energy sector has prompted a visit to Caracas with 55 clients in the coming days.
Myers argued that global oil supplies are already ample and that resolving geopolitical conflicts would help ensure a more stable and secure flow of energy worldwide.
Commenting on the ongoing Middle East conflict, Myers said he believes the outcome of the war involving the United States, Israel and Iran is inevitable.
“The US today is at war, it is a very big deal. There is only one outcome of this war that Iran will lose. I say that factually, at the end of the day, Iran is up against the two most powerful, battle tested, sophisticated militaries in the world,” he said.
He added that the United States military would eventually control the Strait of Hormuz, ensuring the continued flow of oil through the critical global shipping route.
The United States military will occupy the Strait of Hormuz and the oil will flow again. “Though the war might not end,” he said.
The remarks come as tensions in the Middle East continue to escalate. Iran recently warned it could reduce US-linked oil facilities to “a pile of ashes” after US President Donald Trump said Washington could “wipe out” Iran’s largest oil export terminal on Kharg Island. Since the United States and Israel launched hostilities on February 28, waves of missile, drone and air strikes have reportedly displaced millions and killed more than 1,200 people in Iran.
Source: News18.com
Source: OfficeNewz
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