Tehran’s latest peace proposal to the United States involves ending hostilities on all fronts including Lebanon, the exit of U.S. forces from areas close to Iran, and reparations for destruction caused by the U.S.-Israeli war, state media reported on Tuesday.
OPEC spare capacity has been a myth for quite some time even when it’s not shut in by transport problems, and Venezuela oil is not suitable for most world refineries and requires a shitton more expensive refining as it is extremely heavy, thick and sour. Neither can realistically make up the Hormuz deficit until infrastructure either bypasses Hormuz, or Venezuela begins domestically refining again, which will likely take 3-5 years with how decayed and sabotaged all their existing infrastructure is right now.
We are straight up headed for an oil cliff worse than 1973.