RASCOE: And people around the world are facing higher fuel prices and inflation because of the war in Iran. Could Venezuela help fill that gap? Like, does it have the capability to do that?

VIGIL: If you take a step back and look at the global oil picture, what Venezuela is producing, which is just over a million barrels per day, is a very small amount of the global oil demand. So it's about 1%, even though for Venezuela, it is a lot. Like you mentioned earlier, it's a seven-year high. But because it is such a small amount, it's not going to meaningfully change the shortages because of the war in Iran.

Before the war, 20 million barrels of oil passed daily through the Strait of Hormuz, the narrow waterway off Iran’s southern coast. That amount has plunged to “a trickle,” the I.E.A. said in its monthly report, since Iran warned that ships passing through were at risk of attack.

I don't know exactly how much oil per day the Iran War has prevented, but it seems like Venezuela can't cover all the losses. The NPR article says most of their oil is going to the US and India if you're still curious about that.