EnergyWatch

Iran sanctions add to Venezuelan collapse buffeting crude market

The oil market is more exposed than ever to the impacts of Venezuela's production collapse, while Iran's exports are in question.

Photo: Fernando Llano/AP/POLFOTO

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

European Energy: Danish government runs risk of doing major harm to PtX

In the first quarter, European Energy has signed a deal concerning construction of a new PtX facility in the city of Aalborg as the most recent move in the third prong of activities, which primarily consist of solar and wind energy. But the company’s CEO warns of political short-sightedness.

Further reading

Related articles

Latest News

See all jobs