UBS The Outlook For Venezuela Remains Highly Uncertain, With Short-Term Risks To Oil Production Skewed To The Downside

• UBS: THE OUTLOOK FOR VENEZUELA REMAINS HIGHLY UNCERTAIN, WITH SHORT-TERM RISKS TO OIL PRODUCTION SKEWED TO THE DOWNSIDE

• UBS: OVER THE NEXT 12 MONTHS, WE DO NOT ANTICIPATE ANY SIGNIFICANT IMPACT ON GLOBAL OIL MARKET BALANCES

• UBS: WE FORECAST GLOBAL OIL DEMAND TO INCREASE BY APPROXIMATELY 1.2 MBPD IN 2026, WHILE NON-OPEC+ SUPPLY IS EXPECTED TO INCREASE BY AROUND 0.8MBPD

• UBS: BRENT PRICE FORECASTS FOR 2026 ARE $62/BBL AT END OF 1Q, $65/BBL AT MID-YEAR, AND $67/BBL AT YEAR-END

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