A nationwide power failure in crisis-stricken Venezuela could trigger"serious disruption" to the oil market, the International Energy Agency warned on Friday, but OPEC kingpin Saudi Arabia should have the means to offset any further production woes in Caracas.
"Although there are signs that the situation is improving, the degradation of the power system is such that we cannot be sure if the fixes are durable… During the past week, industry operations were seriously disrupted and ongoing losses on a significant scale could present a challenge to the market."
Power was restored to much of Venezuela on Tuesday, but many areas in the oil-rich, but cash-poor, country remain without electricity. It is widely expected that normal services may not resume for weeks — or possibly months. Until recently, the IEA said Venezuela's oil production had stabilized at around 1.2 million barrels per day . That is also the size of the output cuts agreed by OPEC countries and some non-OPEC producers.
Well THAT will get Governments Attention since doesn't seem Anyone Cares about Poor People Starving to Death but hey - they have Oil World News Politics news TruthMatters
Oh boy...we aren’t gonna let that happen.
We know the USA will step in now!!
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Source: CNBC - 🏆 12. / 72 Read more »