IEA Cuts Oil Supply Estimate on Lower U.S. and Venezuelan Output

IEA Cuts Oil Supply Estimate on Lower U.S. and Venezuelan Output

Global oil supply is set to rise by 1.2 million barrels per day (bpd) this year, lower by 260,000 bpd than the growth expected last month, the International Energy Agency (IEA) said on Tuesday, citing lower-than-forecast production from the United States and Venezuela. The U.S.-China trade war escalation and the tariffs on imports into the U.S. have sent oil prices plummeting this month. The U.S. benchmark oil price, WTI Crude, has now slumped t…

OPEC: Venezuela's Crude Oil Production Rose 2.2% in March

Venezuela’s oil production grew 2.2% in March, according to official figures released this Monday by the Organization of the Petroleum Exporting Countries (OPEC). These figures show that Venezuela produced an average of 1,048,000 barrels per day (bpd), up 23,000 from 1,025,000 bpd in February. Venezuela, the nation with the largest proven crude oil reserves—which in January surpassed one million bpd for the first time since June 2019—recorded an…

Global oil demand will grow much slower than expected this year and U.S. production increases will also decrease, due to U.S. President Donald Trump's tariffs on trading partners and his retaliatory measures, the International Energy Agency (IEA) said. Trump's tariffs, together with increased supply from OPEC+ producers, caused a sharp drop in oil prices this month, reducing producers' revenue. The U.S. oil industry, despite Trump's calls to “dr…

IEA cuts oil supply estimate on lower U.S. and Venezuelan output – Oil & Gas 360

(Oil Price) – Global oil supply is set to rise by 1.2 million barrels per day (bpd) this year, lower by 260,000 bpd than the growth expected last month, the International Energy Agency (IEA) said on Tuesday, citing lower-than-forecast production from the United States and Venezuela. The U.S.-China trade war escalation and the tariffs on imports into the U.S. have sent oil prices plummeting this month. The U.S. benchmark oil price, WTI Crude, has