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IEA says oil markets tightening as Venezuelan output collapses

 

 

 

By Dmitry Zhdannikov

LONDON
Petroleumworld 01 22 2018

Global oil markets are tightening quickly on falling supplies from Venezuela, which posted 2017's biggest unplanned output fall and could see a further decline in 2018, the International Energy Agency (IEA) said on Friday.

Debt and infrastructure problems cut Venezuela's output in December to 1.61 million barrels per day (bpd), somewhere near a 30-year low. That helped oil prices climb above $70 per barrel in early January, their highest level in 3 years.

“The general perception that the market has been tightening is clearly the overriding factor and, within this overall picture, there is mounting concern about Venezuela's production,” the IEA, which coordinates energy policy in industrialised nations, said in its monthly report.

“Given Venezuela's astonishing debt and deteriorating oil network, it is possible that declines this year will be even steeper... U.S. financial sanctions are also making it tougher for Venezuela's oil sector to operate,” the IEA said.

As a result of lower Venezuelan production, the IEA said OPEC's crude output in December fell to 32.23 million bpd, boosting the group's compliance with a deal to curb output to 129 percent.



Story by Dmitry Zhdannikov; Editing by Jason Neely from Reuters.

reuters.com 01 19 2017

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