Everyone Is Watching Iran, But Don't Forget About Venezuela

What's interesting about Venezuela though is that since May 2018, crude exports have managed to stay flat around ~1.3 million b/d. A combination of inventory destocking and lower-than-usual refinery throughput likely explained the higher than production crude exports, but that was never expected to last going forward. Platts and Argus's latest OPEC production survey shows Venezuela's oil production to be around ~1.2 million b/d, and this figure is expected to head to ~1 million b/d by year-end. More…