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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (56278)3/15/2019 4:30:27 PM
From: Goose94Read Replies (1) of 202988
 
Crude Oil: prices have surged to their highest level in months, with WTI rising above $58 per barrel. The instability in Venezuela and the growing evidence of a slowdown in U.S. shale have pushed prices up.

OPEC reduced production by 221,000 bpd in February, a more modest reduction than in prior months. Most of the reductions came from Venezuela, which saw output drop by 142,000 bpd. Meanwhile, OPEC estimated that OECD inventories rose by 22 million barrels in January, or 19 million barrels above the five-year average.



Opposition leader and self-proclaimed president of Venezuela, Juan Guaido, is working on overhauling the country’s oil sector if he gains power. The proposal would include weakening PDVSA and allowing a vastly larger role for private sector companies. The reforms would resemble those of Mexico over the past few years and would amount to a historic change, although for now, Guiado is still struggling to gain power.
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