Harry Istepanian - Venezuela’s Oil and the Global Power Struggle | Ep 495, Dec 14, 2025 [EP495]
Posted on Sunday, Dec 14, 2025 | Category: Geopolitics | Series: cog, video
Groong Links:
Guest:
Topics:
- Venezuela’s oil and US pressure
- Trump, oil prices, and OPEC+
- Middle East fallout from cheap oil
- Ukraine war and Iran conflict stakes
Episode 495 | Recorded: December 11, 2025
#Venezuela #OilPolitics #Geopolitics #USForeignPolicy #EnergyWars
Show Notes
In this episode of Conversations on Groong, we examine why Venezuela has returned to the center of global geopolitics. The discussion focuses on oil, sanctions, and military pressure, and how a potential revival of Venezuelan production could reshape energy markets, weaken Russia and Iran, strain OPEC+, and alter the dynamics of ongoing wars in Ukraine and the Middle East.
Topics Covered
- Harry Istepanian’s background and expertise in global energy markets
- Venezuela’s oil reserves and the collapse of production after sanctions
- The role of US sanctions, expelled oil companies, and low US strategic reserves
- Washington’s pressure campaign on Venezuela and regional reactions
- Trump’s push for oil prices below 50 dollars per barrel
- OPEC+ price discipline and the threat of Venezuelan supply returning
- The impact of cheaper oil on Russia’s war budget in Ukraine
- Consequences for Iran, Iraq, and Gulf state economies
- Risks of escalation in the Middle East and the Strait of Hormuz
Key Questions Discussed
- Why did Venezuela’s oil production collapse so sharply over the past decade?
- How low is the US Strategic Petroleum Reserve, and why does it matter now?
- Why does Trump see Venezuelan oil as a strategic problem rather than a commercial one?
- What prevents US oil companies from returning to Venezuela quickly?
- How would a surge in Venezuelan oil challenge OPEC+ and global price controls?
- What happens to Russia’s economy and war financing if oil prices fall sharply?
- How would Iran and Gulf states respond to sustained price pressure?
- Could new Venezuelan supply change the balance in global conflicts?
- What Middle East risks could still override a rise in oil supply?
Wrap-up
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Guests
Harry Istepanian
Harry Istepanian is a PMP-certified, independent Energy Expert with more than 30 years of experience in the energy and water sectors. He worked for major international engineering consultancy firms, including Parsons Brinckerhoff, AECOM, and Power Engineers Inc. in different capacities. He was also appointed by many international organizations, including the World Bank, USAID, and USTDA to work on several development projects in Asia and Africa.
Mr. Istepanian has published over 30 op-eds, articles, peer-reviewed papers, and conference presentations in international energy and think tank journals such as the Brookings Institute, the Atlantic Council, Friedrich-Ebert-Stiftung, Power Engineering International, and the Electricity Journal.
Harry is the founder of Iraq Climate Change Center (IC3+), a non-profit think tank based in Washington D.C.
Hosts
Hovik Manucharyan
Hovik Manucharyan is an information security engineer who moved from Seattle to Armenia in 2022. He co-founded the ANN/Groong podcast in 2020 and has been a contributor to Groong News since the late 1990s.
Disclaimer: The views expressed by Hovik Manucharyan on the ANN/Groong podcast are his own and do not necessarily reflect the opinions of his employer or any other organization.
Asbed Bedrossian
Asbed Bedrossian is an IT professional, and for years oversaw the central IT enterprise infrastructure and services at USC. His decades of experience spanned across IT strategy, enterprise architecture, infrastructure, cybersecurity, enterprise applications, data center operations, high performance computing, ITSM, ITPM, and more.
Asbed founded the Armenian News Network Groong circa 1989/1990, and co-founded the ANN/Groong podcast in 2020.