Monday , June 21 2021

Oil prices are rising due to the political crisis in Venezuela despite rising supply



This year, Venezuela's production is expected to fall by 500,000 bp.

Oil prices rose during Venezuelan political turmoil, which threatens to curb crude oil supply, but worries about rising US stocks and global economic problems have worsened moods, Sky News reported.

In detail, the United States has indicated they can impose sanctions on Venezuela's exports after recognition of opposition leader Juan Guido as temporary president this week, prompting President Nichola Maduro to break his ties with Washington.

But the trade dispute between the US and China and pessimism about world economic growth has led to price cuts.

Brent oil futures closed at $ 61.64 a barrel, down 55 cents or 0.9 per cent. But Brent lost 1.7% since early Monday for the first weekly loss in four weeks.

The US oil settlement price was set at 53.69 dollars a barrel, which is 56 cents, or 1.05 per cent. Crude oil prices fell by about 0.2% a week, also marking its first weekly decline.

RBK Europe expects any US sanctions to increase the expected decline in Venezuela's production, which almost doubles.

"Production in Venezuela will fall by another 300 to 500,000 barrels a day this year, but such punitive measures could increase the shortfall by several hundred thousand barrels," she said.

Oil prices rise due to political crisis in Venezuela despite rising US supply


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Oil prices rose during Venezuelan political turmoil, which threatens to curb crude oil supply, but worries about rising US stocks and global economic problems have worsened moods, Sky News reported.

In detail, the United States has indicated they can impose sanctions on Venezuela's exports after recognition of opposition leader Juan Guido as temporary president this week, prompting President Nichola Maduro to break his ties with Washington.

But the trade dispute between the US and China and pessimism about world economic growth has led to price cuts.

Brent oil futures closed at $ 61.64 a barrel, down 55 cents or 0.9 per cent. But Brent lost 1.7% since early Monday for the first weekly loss in four weeks.

The US oil settlement price was set at 53.69 dollars a barrel, which is 56 cents, or 1.05 per cent. Crude oil prices fell by about 0.2% a week, also marking its first weekly decline.

RBK Europe expects any US sanctions to increase the expected decline in Venezuela's production, which almost doubles.

"Production in Venezuela will fall by another 300 to 500,000 barrels a day this year, but such punitive measures could increase the shortfall by several hundred thousand barrels," she said.

January 26, 2019 – July 20, 1440

01:04 AM


This year, Venezuela's production is expected to fall by 500,000 bp.

Oil prices rose during Venezuelan political turmoil, which threatens to curb crude oil supply, but worries about rising US stocks and global economic problems have worsened moods, Sky News reported.

In detail, the United States has indicated that they can impose sanctions on Venezuela's exports after recognition of opposition leader Juan Guido as temporary president this week, which has led President Maduro to break his ties with Washington.

But the trade dispute between the US and China and pessimism about world economic growth has led to price cuts.

Brent oil futures closed at $ 61.64 a barrel, down 55 cents or 0.9 per cent. But Brent lost 1.7% since early Monday for the first weekly loss in four weeks.

The US oil settlement price was set at 53.69 dollars a barrel, which is 56 cents, or 1.05 per cent. Crude oil prices fell by about 0.2% a week, also marking its first weekly decline.

RBK Europe expects any US sanctions to increase the expected decline in Venezuela's production, which almost doubles.

"Production in Venezuela will fall by another 300 to 500,000 barrels a day this year, but such punitive measures could increase the shortfall by several hundred thousand barrels," she said.


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