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

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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

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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