Venezuela Government says oil production has reached 1.16mln BPD in January
Newsquawk Staff ·
Venezuela Government says oil production has reached 1.16mln BPD in January.
What it means
Venezuela's announcement of oil production hitting 1.16 million barrels per day (BPD) in January is significant as it signals a potential increase in global oil supply. This could impact oil prices, particularly WTI, by adding to prevailing market dynamics around demand and OPEC+ production strategies. If sustained, higher output from Venezuela could exert downward pressure on prices amidst ongoing geopolitical tensions and supply chain considerations.
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- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
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