Trump's sanctions on Venezuela have managed to reduce the country's oil production by 100,000 barrels a day from January to February, enough to drive up oil prices for 2019, the federal government forecast Wednesday.
The Energy Information Administration, which issued the forecast, is closely tracking the effects of the administration's sanctions on oil prices, along with OPEC's production cuts. Venezuela production dipped from 1.2 million barrels per day to 1.1 million barrels per day in the first month of sanctions.
EIA increased its 2019 crude oil forecast by nearly $2 per barrel to $63 per barrel.
Since Venezuela is an OPEC member, the EIA is tracking how the Venezuela losses from sanctions will factor into the international oil cartel's decision to pull back overall production to balance the global oil market.
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5 comments:
Vz needs a can of whoopass opened up on them ASAP.
Oh yes another Excuse to raise prices
What will it be next week ?? Sick & tired of GOUGING !!!!
Gas should capped off @ 99 cents per gallon All States !!!!
OPEC is a big price fixing scheme anyhow what is new?
Wasn't the Dept of Energy formed in the 70's to help the United States become oil independent so we would not have the shortages which caused lines and odd/even gas rationing. Here we are 40some years later and what has this dept done to get us from being dependent on foreign oil? NOTHING! It is a government welfare dept which needs to be done away with or totally revamped to do the job they were formed to do!!
Thought we are energy independent.
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