Friday, 19 April, 2019


Oil Major Total Evacuates Staff From Venezuela After US Sanctions

OPEC supply fell in January by the largest amount in two years OPEC supply fell in January by the largest amount in two years
Conrad Doyle | 07 February, 2019, 23:52

Oil fell on Thursday after data showing a rise in USA inventories weighed on sentiment already rattled by the global economy, though prices were buoyed by the prospect that supply could fall short of global demand.

"This is already quite advanced, I hope that next week it can be announced by our representative in the United States", Paparoni said, in reference to Venezuelan opposition envoy Carlos Vecchio.

The Organisation of the Petroleum Exporting Countries, Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed in December to reduce supply by 1.2 million bpd from January 1.

USA crude oil inventories C-STK-T-EIA climbed by 1.3 million barrels in the week that ended February 1, to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.

Last week, the Energy Information Administration issued a bullish weekly report on USA inventories after it revealed crude stockpiles rose by less than 1 million barrels last week, compared to expectations of a 3.1 million-barrel rise. The month was Brent crude's best month since April 2016.

"The price has yet to react in any noticeable way", Fritsch said of the sanctions. OPEC supply fell last month by the largest amount in two years, a Reuters survey last week found.

Meanwhile, U.S. sanctions against Venezuela's oil industry are expected to freeze sales proceeds of Venezuelan crude exports to the United States.

"Basically it's a pretty supportive report", said Phil Flynn, oil analyst at Price Futures Group in Chicago.

Russia has been in full compliance with its pledge to gradually cut its oil production, Russian Energy Minister Alexander Novak said in a statement on Monday, adding that production fell by 47,000 barrels per day (bpd) in January from October.

More stringent sanctions on Venezuela that bar companies that do business with PDVSA from accessing the US financial system resemble Washington's measures on Iran, ANZ Banking Group said.

Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening.

US President Donald Trump last week said he would meet with Chinese President Xi Jinping, perhaps twice, in the coming weeks to try to seal a comprehensive trade deal with Beijing, but acknowledged it was not yet clear whether a deal could be reached. -China meetings next week ahead of a March 1 deadline for trade tariffs to rise.

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