Oil prices rise amid Venezuela export concerns

Oil prices rise amid Venezuela export concerns

Global oil prices rose during Asian trade on Wednesday after Venezuela raised the prospect of halting some crude exports, according to people familiar with the matter, but gains were capped amid reports the U.S. government had asked Saudi Arabia and some other OPEC producers to increase output, Reuters reports.

Falling production from Venezuela has contributed to a rally in global oil price Brent to nearly $80 a barrel. State firm PDVSA is considering declaring force majeure on some exports, three sources told Reuters, amid plummeting output from its oil fields and tanker bottlenecks at ports.

Brent crude LCOc1 rose 27 cents to $75.65 a barrel by 0412 GMT after dropping to its lowest since May 8 on Tuesday. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 29 cents at $65.81 a barrel, having touched a near two-month low on Tuesday.

The Organization of the Petroleum Exporting Countries and Russia will meet on June 22-23 to decide how much production they will increase as global inventories have tightened while Venezuela’s production has dropped more than expected. U.S. sanctions on Iran are also threatening to reduce oil exports from the OPEC producer.

The United States government has weighed in on the decision by putting in unofficial requests to Saudi Arabia and some other OPEC producers to increase output, sources said on Tuesday.

“At the moment, the oil price is being driven by OPEC and views on how much and how quickly OPEC plus will raise output,” Energy Aspects analyst Virendra Chauhan said.

Reuters reported on May 25 that the producers were considering a supply increase of 1 million barrels per day, with a final decision to be made at the June meeting in Vienna.

WTI’s discount to Brent CL-LCO1=R narrowed 4 cents to $9.88 a barrel after industry data showed U.S. crude inventories fell by 2 million barrels, compared with analyst expectations for a decrease of 1.8 million barrels, American Petroleum Institute data showed.

Belavia resumes regular flights from Baku to Minsk in early December
Belavia resumes regular flights from Baku to Minsk in early December
Iranian tourists reduce visits to Turkey amid COVID-19 pandemic
Iranian tourists reduce visits to Turkey amid COVID-19 pandemic
Turkey sees decline in inflow of Azerbaijani tourists over 10M2020
Turkey sees decline in inflow of Azerbaijani tourists over 10M2020
Loading Bars
Latest
Jennifer Psaki to be Joe Biden’s White House press secretary
Expenses on construction of enterprises in Iran’s Tehran Province drops
Trump senior aide Kushner and team heading to Saudi Arabia, Qatar
France's new COVID-19 cases, hospitalizations continue to fall
Israeli cabinet approves aviation, science cooperation deals with UAE
Africa's confirmed COVID-19 cases pass 2.15 mln mark: Africa CDC
74 more coronavirus patients die in Moscow in past day
Israel launches national plan to strengthen industry amid COVID-19
OPEC+ monitoring committee meeting yields no consensus
Weekly review of Azerbaijan's transport sector
Several Turkish provinces revert preschools to remote teaching over pandemic
UK records another 12,155 coronavirus cases with 215 deaths
Certain investments to be made into industrial parks of Iran’s Qazvin Province
Azerbaijani ministries, AzerGold company hold landscaping campaign on Chovdar field
Rocket hits small oil refinery in Iraq's north, forcing shutdown: officials
Jeyhun Bayramov expresses condolences to his Iranian counterpart
Number of COVID-2019 cases across globe up by over 564,000 in past day
Employment in Iran's Bushehr Province enlarges
Average yield of tobacco in Azerbaijan in 2020 exceeds last year volume
Iranian Energy Exchange announces products to be on sale November 30
Weekly review of events in financial market of Azerbaijan
Norway calls on all political parties to enable new, more diverse parliament in Georgia
Turkey condemns killing of key Iranian nuclear scientist as act of 'terrorism'
Argentine prosecutors investigate death of soccer star Maradona
Performances results of Azerbaijani gymnasts at European Championships in rhythmic gymnastics unveiled
Iran reveals details of exports through Bandar Lengeh County
Projects within Industrialization Map framework being implemented in Kazakhstan's Akmola
Overview of events in agricultural sector of Azerbaijan for last week of November
Activities on provision of Russian peacekeeping contingent held (PHOTO/VIDEO)
Iran boosts manufacturing of passenger cars
UAE cabinet approves new cybersecurity body, climate change envoy
Geostat reveals volume of ferroalloys exported by Georgia to Turkey
Bahar Azadi gold coin price still falling in Iran
Kazakhstan continues introduction of mobile diagnostic tools in railway sector
Azerbaijan, Uzbekistan discuss possibilities of attracting investors to Azerbaijani territories liberated from occupation
Britain expects 'very significant' week for Brexit talks as clock ticks down
Iran declares cargo transportation from Sistan and Baluchestan Province
Death toll from COVID-19 tops 172,000 in Brazil
Chinese companies to process Uzbek garlic for further export to US and European countries
Turkey's export of grain, legumes to France declines
Iran reveals its COVID-19 data for November 29
Details of Iran’s trade turnover announced
EU aims to support Georgia in its efforts to reform electricity market
Azerbaijan confirms 4,170 new COVID-19 cases, 1,985 recoveries
5.5-magnitude quake hits Vanuatu
Azersu LLC announces tender for purchase of equipment for laboratory
Kazakhstan's import of Turkish cement up
Azerbaijan shows footage of Aghdam's Shahbuldag village (PHOTO/VIDEO)
Expenses on construction of enterprises in Iran’s Isfahan Province increases
Number of enterprises launched in Iran's Ilam Province shrinks
Turkmengas opens tender for maintenance of gas turbine generators
At least 30 police killed, over 20 wounded in suicide car bomb explosion in E. Afghanistan
Georgia reports 4 426 new coronavirus cases, 3 721 recoveries, 35 deaths
Over 5,500 patients recover from coronavirus in Moscow in the past day
Azerbaijan shows footage of liberated from occupation villages of Kalbajar region (PHOTO/VIDEO)
China increases import of Turkish cars
Employment in Iran's Alborz Province declines
The President of Turkmenistan receives representative of medical community of Germany
S. Korea reports 450 more COVID-19 cases, 33,824 in total
Azerbaijan's turnover on payment cards in 10M2020 up
Inter-Agency Coordination Council discusses enforcement of Covid restrictions
Azerbaijan has ample opportunities and potential for artificial intelligence dev't
Trump may announce plans for 2024 presidential race during Biden’s inauguration
826 more coronavirus cases recorded in Kazakhstan over 24 hours
France sees further fall in COVID-19 hospitalizations as lockdown exit starts
Turkey's Temsa makes 1st electric bus exports to Sweden
Iran registers monthly positive trade balance
Scottish dev’t agency eyes establishing co-op with companies in Uzbekistan’s Karakalpakstan
Croatian PM in self-quarantine after wife contracts COVID-19
UK records another 15,871 coronavirus cases with 479 deaths
Some 46,000 people gather in Paris to protest against security bill
Kazakhstan to modify large energy saving projects on railways
Severe fire danger for Australia as temperatures smash records
Dozens of Boko Haram militants killed in Nigeria airstrikes
Pope installs new cardinals, including first African-American
WHO reports new daily record high of over 747,000 COVID-19 cases
UK police arrest 155 in anti-lockdown protests in London
Assistant to Azerbaijani president posts footage from Tartar, Aghdam cities
UK, France sign new deal to stop illegal migration across Channel
Iran discloses electricity generation at Iran's Bandar Abbas TPP
Turkey reports 6,714 new COVID-19 cases, 487,912 in total
Zarif: Iran at forefront of fighting terrorism
Georgia takes necessary steps to avoid increase in bread prices
Ethiopian military has taken 'full control' of Tigray capital, government says
Iran’s Bahar Azadi gold coin price continues to fall
Weekly review of Azerbaijani precious metals market
Kazakhstan raises import of grain, legumes from Turkey
Buy/sell operations at Iran Mercantile Exchange revealed
AP publishes article covering Armenian missile attack on Azerbaijan’s Ganja on Oct.17 (PHOTO/VIDEO)
OIC adopts resolutions in connection with Armenia's aggression against Azerbaijan
President, members of Board of European Muslim Forum send letter to President Aliyev
Aghdam district of Azerbaijan after 27 years of Armenian occupation (VIDEO)
Kazakhstan to bring waste processing level to average European level
UK appoints minister in charge of COVID-19 vaccine rollout
Number of blocked malware in AzStateNet network drops
Airport in Uzbekistan to buy auto parts via tender
Iranian Energy Exchange announces products to be on sale November 29
Azerbaijani team takes third place in group exercises at 36th European Rhythmic Gymnastics Championships
At least 6 killed in Somali capital suicide bombing
Microsoft Azerbaijan to support all initiatives in liberated territories of Azerbaijan
All news