US EditionOil Prices Slip as Markets Eye the Return of Venezuelan Crude
Venezuelan output could rise by 500,000 barrels per day in 18 months if U.S. sanctions ease, adding to global supply amid weak demand, analysts said.
8 Articles
8 Articles
Oil Prices Slip as Markets Eye the Return of Venezuelan Crude
Oil prices edged lower in early Asian trading on Tuesday as markets weighed the possibility of higher Venezuelan crude output, reinforcing expectations of ample global supply amid weak demand. Brent crude futures fell around 0.34% to trade near $61.55 per barrel, while U.S. West Texas Intermediate slipped by 0.45% to $58.06 per barrel in early. Price pressure was due to the prospect of a potential easing of U.S. sanctions on Venezuelan oil and a…
Oil Prices Climb As Market Watches For A Slow Return Of Venezuelan Supply
Oil prices have edged higher as investors weigh ongoing supply strength against the possibility of Venezuela gradually bringing more crude back to the market. With global production still running ahead of demand, the overall balance remains loose, but attention is shifting to how a recovery in Venezuelan output could influence the longer-term outlook. Venezuela, home to the world’s largest proven oil reserves, is currently producing just over on…
Venezuela’s oil industry. Image: ©Tom Fisk de Pexels via Canva.comThe market was skeptical about the impact that the growth of Venezuelan production would have after the fall of Nicolás Maduro. Although a possible transition could result in the lifting of sanctions, billions of dollars would be needed to increase oil production to 1.5 million barrels a day in the next 12 or 24 months. If what is sought is for production to reach three million ba…
Oil prices fell today, Tuesday, with markets looking forward to a possible increase in crude oil production in Venezuela, reinforcing concerns about the abundance of the world supply during the current year, in conjunction with weak demand.
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