Adel, Niloofar; Bastianin, Andrea; Pedini, Luca; … - 2026
We quantify the contribution of Venezuela’s oil sector collapse to changes in global oil market responsiveness after … 2007. We extend the multi-country structural model of Baumeister and Hamilton (2024) by modeling Venezuela explicitly and … other producers’ supply elasticities accounting for most of the remainder. By contrast, Venezuela’s contribution through its …