Venezuela oil can lower global prices, affect Russia, Georgian expert

Giorgi Melashvili, founder of the European-Georgian Institute, has said that the recent US operation in Venezuela and the expected return of Venezuelan oil to the market could lead to a decline in global oil prices, with negative implications for the Russian economy.

“Russia failed to protect its ally, and as a result, Venezuelan oil will very soon enter the market, which will further reduce oil prices,” Melashvili said. “This will have a negative impact on the Russian economy. At the same time, turbulent international developments make it even more evident that Georgia needs reliable and strong allies.”

Melashvili also criticized Georgia’s ruling party, saying that its anti-American and anti-Western rhetoric has damaged relations with Brussels. “In this context, improving ties with our strategic partners is particularly urgent,” he added.