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U.S. refineries have long lacked a specific type of crude oil—heavy sour crude. Ironically, Venezuela happens to stockpile large quantities of this type of oil. However, with the current tense U.S.-Canada relations and traditional supply chains facing uncertainties, the geopolitical risks behind this supply gap are quietly reshaping the global energy landscape. This also indirectly affects energy costs, inflation expectations, and consequently impacts the entire asset allocation.