The loss of Venezuelan production from 2014 through July 2016 had little noticeable impact on crude oil prices, since the world was experiencing a severe supply glut during that period of time. When that deal was finalized, August 2016 production levels were used as the reference point for each nation's production quota going forward. Venezuelan production that month was between 2.1. and 2.2 million bopd. So thanks to Venezuela's economic collapse, the market has become re-balanced much quicker than it otherwise would have, and oil prices have risen rapidly during 2018 as traders have priced that new reality into the equation. Sadly for Venezuelans, Maduro shows no signs of moderating the command-and-control policies that have destroyed a once-thriving economy.

Source: Forbes May 20, 2018 20:15 UTC