While the world ponders the fate of Iran’s exports, the oil market is exposed more than ever to the effects of Venezuela’s spectacular production collapse.
The South American nation, holder of the world’s biggest oil reserves, has seen its output fall almost 40 percent since 2015, to 1.5 million barrels a day, amid political turmoil and an economic meltdown under President Nicolas Maduro. With global creditors circling Venezuelan oil assets and the U.S. considering more sanctions, production could drop further, to 1 million barrels daily by year’s end, Societe Generale analysts said in a report last week.
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