Venezuela

[dan_s]

Oil BEARS say that growth of U.S. oil production will keep a lid on oil prices. However, Venezuela's oil production is falling faster than U.S. production is going up. Plus, global demand for oil is going up by 1.5 million barrels per day this year and it will keep going up. - Dan
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Venezuela’s oil production fell by another 100,000 barrels per day (bpd) in March, a devastating blow that will only make the country’s economic crisis worse. Output is expected to continue its downward spiral; the only uncertainty is over the pace of decline.

As Venezuela comes apart at the seams, it will hand over more and more control of its natural resources, and even power over its institutions, to China, according to a new report from the Washington-based Center for Strategic & International Studies.

Read full report: https://oilprice.com/Energy/Crude-Oil/V ... wners.html

[Gabriel Oak]

And don't forget the inconvenient fact of (chronic) global decline rates through under-investment...80% mature oil fields declining at circa 6-12% a year...that is a lot of barrels!