Global Oil Market Faces Less Venezuela Supply in 2017 – Columbia University

The global oil market faces a sharp drop in supply in 2017 from Venezuela, traditionally a prominent exporter, as an acute political and economic crisis halts investments needed to squeeze more crude from wells, Columbia University said in a report released on Tuesday.

As the political opposition pushes for new elections to replace President Nicolas Maduro, Venezuela’s economy has worsened, creating doubts about the ability of the Organization of the Petroleum Exporting Countries (OPEC) member to pay its external debt. Its largest industry, oil, is slowing down and showing signs of mismanagement.

Reuters

Brent Crude – Another Major Hurdle Ahead

WTI/USD – Crude Rally Continues, Breaks Above $45

Abe’s Arrows Fail As USD/JPY Eyes 100.00

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.