Politics and Oil are Dirty
The output reductions combined with worries about supply
disruptions due to U.S. sanctions on Iran pushed oil prices above $80 a barrel
last week, the highest since November 2014.
Brent crude, the global benchmark, was trading at $78.33 on
Monday.
Iranian supply has not yet been affected by the U.S. decision to
withdraw from an international nuclear deal and its warning of that it would
impose touch sanctions.
The energy minister for the United Arab Emirates, which
currently holds the OPEC presidency, said last week that OPEC had more
significant issues to deal with than Iran. He cited Venezuela.
LONG-TERM LOW
Before ministers from OPEC and its allies meet, Venezuelan
output will feature in technical meetings including the Joint Technical
Committee, which meets in Jeddah on Tuesday and Wednesday, as well as other
such meetings expected in June.
Oil output in Venezuela hit a long-term low of 1.505 million
barrels per day in April, almost 500,000 bpd below its OPEC output target.
Venezuela’s leader Nicolas Maduro won a new, six-year term on Sunday starting
from May 2018
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