Collapsing Venezuela oil exports seen to be pushing prices higher

With Venezuela’s exports of crude on the brink of collapsing below 1m barrels a day to historic lows, the bull case for energy has additional support as creditors of the cash-strapped national oil company PDVSA threaten to seize overseas assets. The global energy market is bracing for a spike in crude oil prices as Venezuela’s export troubles intensify, just as Iran’s foreign sales are set to drop because of new US sanctions after the Trump administration’s withdrawal from a nuclear deal. A drop in both Venezuelan and Iranian supply could provide the “perfect cocktail” for oil at $100 a barrel next year or sooner, said analysts at London-based broker PVM. More…