Global oil supply dropped in March as U.S. sanctions and power outages pushed Ve...
LONDON - Global oil supply dropped in March as U.S. sanctions and power outages pushed Venezuela’s crude output to a long-term low of 870,000 barrels per day , the International Energy Agency said on Thursday, even lower than OPEC reported the day before.
The IEA, which coordinates the energy policies of industrialized nations, said the output decline of 270,000 bpd was Venezuela’s second largest month-on-month drop and put the country’s production at 600,000 bpd less than a year earlier. The IEA said the voluntary curbs of that deal and reduced output by Venezuela had caused OPEC production to fall 550,000 bpd in March.“Tightness in the oil market ... is not just a supply story. In recent months, the resilience of demand has received less attention,” the IEA said.
Global refining throughput fell by 2.5 million bpd in March on unplanned outages, especially in the United States.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil markets are tightening amid 'increasing effectiveness' of US sanctions, IEA saysOil markets are tightening at the start of the second quarter amid a flurry of intensifying risk indicators, the IEA said Thursday.
Read more »
U.S. targets Cuba's oil supply from Venezuela in new sanctionsThe United States on Friday targeted oil shipments from Venezuela to Cuba in its...
Read more »
US issues fresh oil trade sanctions – Venezuela crisisUS and dozens of other countries recognise opposition leader Juan Guaido as oil-rich country's interim leader against President Nicolas Maduro, who refuses to step down and accuses Guaido of being a US puppet.
Read more »
Venezuela pledges to honor oil commitments to Cuba despite sanctionsVenezuela will 'fulfill its commitments' to Cuba despite United States...
Read more »
OPEC's oil production plunges to four-year low in March as Saudis slash outputOPEC's output fell by 534,000 barrels per day in March to just over 30 million bpd, the lowest since February 2015.
Read more »
OPEC oil output drops sharply in March, driven by Saudi ArabiaThe bulk of the cuts were shouldered by Saudi Arabia — the de-facto head of OPEC and the world’s largest exporter of crude — which reduced output by 324,000...
Read more »
Frackers, Chasing Fast Oil Output, Are on a TreadmillShale companies from Texas to North Dakota are managing wells to maximize short-term oil production—and that has long-term consequences for the future of the U.S. energy boom.
Read more »
Russia signals OPEC and allies could raise oil output from JuneOne of the key Russian officials to foster a supply pact with OPEC, Kirill Dmitr...
Read more »
Exclusive: Venezuela's PDVSA braces for low output from crucial crude upgradersVenezuelan state-owned oil company PDVSA expects its crucial crude upgraders to ...
Read more »
U.S. imposes sanctions on two companies, tanker involved in Venezuelan oil shipments to CubaThe order also blocks 34 ships owned by Venezuela’s state oil company, PDVSA.
Read more »