The US administrations strike against Venezuela last weekend generated a lot of news talk, but it had little effect on the markets and is expected to have no impact on South Africas economy. It seems that what matters is not what happened, but what could happen to other countries that find themselves in the crosshairs of the White House.
The US executed a military operation in Venezuela that resulted in the capture of President Nicols Maduro and his wife. They now face narco-terrorism charges . Surely such an event should at least cause jittery markets and a higher oil price?
Venezuela strike impact on oil limitedHowever, Lisette IJssel de Schepper, chief economist at the Bureau for Economic Research BER, says despite Venezuela having the worlds largest proven oil reserves around 300 billion barrels, or roughly 17 of the worlds total, the impact on the oil price was limited.
