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Chavez’s Death Not Bullish for Oil: Gartman

Venezuelan President Hugo Chavez's successor will likely ramp up oil production, Dennis Gartman of The Gartman Letter said Wednesday on CNBC.

"I think it'll be stabilized faster than we believe," he said on CNBC's "Fast Money."

Gartman added that Vice President Nicolas Maduro little choice than to increase output of crude in order to "bribe" his way to an election victory.

"He's going to increase production out of Venezuela as much as he possibly can," he said. "We have seen this before in Third World nations when they get in a fix."

Gartman noted that Venezuela's oil was undesirable because of its high sulfur content but it would still find willing buyers.

"I don't think this is anything bullish for crude oil, and it's not a reason to go out and buy it," he said. "That's for certain."

Trader disclosure: On March 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short PAY; Karen Finerman is short SPY; Karen Finerman is short IWM; Brian Kelly is long BOVESPA FUTURES; Brian Kelly is long HONG SENG FUTURES; Brian Kelly is long GOLD FUTURES; Brian Kelly is long EURO FUTURES; Brian Kelly is short Copper futures; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long MBI; Tim Seymour is long VALE; Tim Seymour is long PBR; Tim Seymour is long RIO.

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