Just said it :-)

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