Venezuela29 Jan 2019 16:25
If they get rid of the "Corbynista" govt, removal of US sanctions could have a major impact on crude prices...... Heaven protect US from the "Marxists" within our own country what havoc they could wreak!
Crude oil snaps back as U.S. slaps sanctions on Venezuela
Jan. 29, 2019 10:27 AM ET|By: Carl Surran, SA News Editor
Crude oil prices rebound from yesterday's steep losses after the U.S. imposed sanctions on Venezuelan state-owned oil firm PDVSA; WTI +3% to $53.58/bbl, Brent +2.5% to $61.43/bbl.
But global oil supply remains high, largely because of the more than 2M bbl/day increase in U.S. crude oil production last year to a record 11.9M bbl/day.
Venezuela has the world’s biggest proven oil reserves, but exports fell to little more than 1M bbl/day in 2018 from 1.6M bbl/day in 2017; the country exports ~500K bbl/day of crude to the U.S., with PDVSA's U.S.-based Citgo refining arm, Valero Energy (VLO -0.4%) and Chevron (CVX +0.5%) the three largest U.S. buyers of Venezuelan crude.