Recent events in Venezuela, specifically a US military operation on January 3, 2026, that captured Nicolás Maduro, so far have had limited immediate impact on global commodity markets. In this episode, we discuss the recent events in Venezuela and their potential long term implications oil, gas, and metals if Western investment returns to rebuild the nation’s infrastructure.

Speakers:

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base & Precious Metals Research

Otar Dgebuadze, Natural Gas Research

This podcast was recorded on January 9, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5166762-0, https://www.jpmm.com/research/content/GPS-5167264-0, https://www.jpmm.com/research/content/GPS-5168288-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

At Any Rate

Episodes

Global Commodities: Venezuela – implications on commodities