Venezuela’s PDVSA struggles to export oil after US sanctions, as US crude oil inventories rise a record 12.1-million bpd
London — Oil prices rose on Thursday on the back of ongoing oil cartel Opec-led supply cuts and US sanctions against exporters Venezuela and Iran, but gains were capped by record US crude output, rising inventories and falling estimates of global demand growth.
Prices were supported by efforts by Opec and allies such as Russia to cut output and tighten oil markets. US sanctions against the oil industries of Opec members Iran and Venezuela have also had an impact, traders said. This week, Venezuela’s state-run oil firm PDVSA declared a maritime emergency, citing trouble accessing tankers and personnel to export its oil due to sanctions.
Washington has put pressure on these governments to gradually cut their oil imports from Iran to zero, but importers remain in talks over potential extensions, with India asking to be allowed to buy same volumes.US crude oil stockpiles rose much more than expected last week, with inventories up by 7.1-million barrels to 452.93-million, according to a weekly report by the US Energy Information Administration on Wednesday.
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