If Hugo Chavez dies, oil markets could rally in the short-term "given the instability it would...

|By:, SA News Editor

If Hugo Chavez dies, oil markets could rally in the short-term "given the instability it would cause, especially as Venezuela is a key oil exporter,” but the long-term move would be slight since the country's oil industry has deteriorated under Chavez, Schneider Electric's Matt Smith says. Venezuela produces ~2.2M bbl/day of crude vs. ~3.5M when Chavez took over in 1999.