Brent rises markets tighten amid the producer club’s cuts, but surging US supply and a global economic slowdown prevent crude from climbing further
An oil tanker is seen at sea outside the Puerto La Cruz oil refinery in Puerto La Cruz, Venezuela. Picture: REUTERS/ALEXANDRA ULMER
In Venezuela, oil exports have plunged by 40 percent to around 920,000 barrels a day since the US government slapped sanctions against its petroleum industry on January 28. Additionally, US crude output has hit a record of more than 12-million barrels a day, pushing exports to an unprecedented 3.6-million barrels a day in February.
On the demand side, a Reuters poll showed analysts expect global fuel demand to slow this year amid a broad economic slowdown.
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