Oil rises amid concern about Venezuelan exports
Brent edges higher after Venezuela raises the prospect of stopping some crude exports, but reports that some Opec producers may up production cap gains
Singapore/Tokyo — 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 US government had asked Saudi Arabia and some other Opec producers to increase output. Falling production from Venezuela has contributed to a rally in global oil price Brent to nearly $80 a barrel. State firm PDVSA was considering declaring force majeure on some exports, three sources told Reuters, amid plummeting output from its oilfields and tanker bottlenecks at ports. Brent crude rose 27c to $75.65 a barrel by 4.12am GMT after dropping to its lowest since May 8 on Tuesday. US West Texas Intermediate (WTI) crude futures were up 29c at $65.81 a barrel, having touched a near two-month low on Tuesday. Oil cartel Opec and Russia will meet on June 22-23 to decide how much production they will increase as global inventories have tightened while Venezuela’s producti...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.