Why Venezuela Sanctions Are Even More Bullish for Oil Than Iran Sanctions
The oil glut is shrinking, with oil prices in the U.S. up 19% this year driven largely by OPEC cuts and supply disruptions/ New U.S. sanctions on Venezuela’s oil production are expected to further crimp the country’s output and reduce global supply even more than sanctions on Iran—a development that could provide another boost to rising crude prices. Oil prices in the U.S. have risen 19% this year to $72.13 a barrel, driven in large part by OPEC cutbacks and supply disruptions. These forces, along with rising global demand for oil, have ...
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