Venezuela’s oil unlikely to lift global oil supplies anytime soon
New Delhi: The US intervention in Venezuela is unlikely to immediately increase crude oil supplies for global and Indian refiners, given the prolonged production decline in the sanctions-hit Latin American country, according to sector experts.
“Venezuela is currently producing only about 0.8% of global oil output, even as it holds around 18% of global oil reserves,” said Prashant Vasisht, senior vice-president and co-group head, corporate ratings, Icra Ltd.
