New Delhi, Jan. 7 -- Venezuela could become one of the biggest sources of new oil supply in the world over the next decade if the country undergoes a political transition, potentially reshaping global energy markets and keeping oil prices lower for longer, said JPMorgan in its latest report.

In its Oil Markets Weekly, JPMorgan said a regime change in Venezuela would represent one of the largest upside risks to global oil supply in 2026 and beyond, an outcome that oil markets are not currently pricing in.

Venezuelan crude production, which stands at roughly 750,000-800,000 barrels per day, could rise to 1.3-1.4 million barrels per day within two years of a political transition and potentially reach 2.5 million barrels per day over the ne...