New Delhi, Jan. 8 -- Oil prices should have crashed after the US brought about a regime change in Venezuela as the re-entry of Venezuelan oil, under sanctions until now, are expected to worsen the glut in global markets.

While the removal of sanctions and the capture of President Nicolas Maduro theoretically unlock the world's largest oil reserves, oil companies and traders are looking past the headlines at the physical reality of Venezuela's decimated infrastructure.

Mint explains why oil prices have remained range-bound and what it means for India.

Oil prices are back to where they were before the US action in Venezuela. On 3 January, US forces attacked the Venezuelan capital Caracas and captured President Mudaro. When the markets op...