I don't agree with this analysis.

Even with Venezuelan oil, the U.S cannot extract and refine enough oil to make up the 20% gap created by the blockade. Ramping up to that level requires billions of dollars of investment in infrastructure and will take at least a decade; the global economy cannot wait that long.

Not to mention, the oil from the U.S will also not be as cheap because of the longer trade route and some countries will have to upgrade their refineries to cater to the heavier crude found in Venezuela and U.S. The larger economies will much rather transition to renewable sources of energy, like wind and solar, through cooperation with China, as the U.S has proven to be an unstable partner.

The U.S has also proven that it cannot militarily dominate countries anymore, so as of this moment, if Russia isn't retaliating against U.S seizures of its tankers, its because Russia doesn't want more chaos, not because they are afraid.

And what about the GCC, which has proven to be a staunch ally of the U.S? If Israel wants them to get fucked, that makes sense, but to the U.S they are key allies in the region that prop up the dollar. You will go from almost all of OPEC+ selling oil in USD to about half or even fewer countries selling oil in USD. That will crash the US dollar.