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Oil rises with warnings of a decline in the Venezuelan extension

2019-03-15 11:45 am | Resource: News | No Views : 136

 Oil prices rose on Friday to hover near a four-month high after OPEC said it had continued to cut output in February, but at a much lower rate than the previous month. Iraq, Kuwait, Saudi Arabia and Venezuela also recorded declines in February production.

International Energy Agency warns of supply risks due to Venezuela crisis

The International Energy Agency (IEA) warned on Friday that the world supply of oil could face a "collapse of crude production" in crisis-stricken Venezuela, where power cuts have lasted for a week so far. "Over the past week, industry operations have been seriously disrupted and sustained large-scale losses could pose a challenge to the market," the IEA said in a statement.

As the latest cuts in production by the Organization of Petroleum Exporting Countries (OPEC) and producers equally on par with 1.2 million barrels per day (MB / d) produced by the Latin American country, could be a "possible break" in the global offer "theoretically" avoided .

"The market is expected to show a modest surplus in the first quarter of 1919 before flipping to the deficit in the second quarter of the year by about 0.5 MB a day," the agency predicted, if the continued growth in demand for oil and continued high production in the United States, Plans of the Kingdom of Saudi Arabia. To cut its exports further in April.

The agency also noted that Russia has used a drop in Venezuelan oil exports to the United States to increase its shipments to 150 kilobytes per day.

In its monthly oil market report, OPEC said crude production in February fell 221,000 bpd to 30.459 million bpd.

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(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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