The situation in Venezuela is not optimistic, and its crude oil production and exports continue to decline, which provides strong support for international oil prices

- Mar 12, 2019-

The situation in Venezuela is not optimistic, and its crude oil production and exports continue to decline, which provides strong support for international oil prices. The OPEC production cuts continue to release positive signals, and the Saudi side also said it will take positive actions to promote a balance between supply and demand. On the other hand, US shale oil producers have seized the market share of Saudi Arabia's exit, which has caused market participants to worry about whether Russia's implementation of the production cuts can be carried out. At present, investors are particularly concerned about the announcement of the US crude oil inventory report. The industry expects that US crude oil inventories will further increase, which will suppress the upward trend of crude oil to some extent. Yesterday, the oil price rose slightly. The US WTI crude oil futures price hit a high of 57.55 US dollars per barrel, and the Brent crude oil futures price hit a high of 67.40 US dollars per barrel.