Michael presented his fresh new outlook on the oil trading, global economy future and.. death of Venezuelan dictator Hugo Chavez! His opinion, which I totally share, is that this event will likely have very little or almost no long term effect on oil prices! Check it out and share your views here!
There is little connection between the dictator dead and the commodity prices, in our case oil price. It could be checked is there such a correlation and in my opinion there is not. The prices are consequences of reflection of the economic data and real supply and demand.
Venezuela's oil production is significant but it has decreased during Chavez's government. Chances of near-term impact on oil prices r almost zero. Policies by future head of Venezuela will determine the oil production and will impact oil prices. But there are no hopes if Maduro, chosen successor, wins election.
future policies may have an impact on overall long term prices but the Venezuelan portion of global oil production and the power it has over prices is very small. Chavez death as a mover of said prices is over blown and a thing of the past. Look for any Venezuelan influence to occur over the next 2-5 years.