Venezuela’s crude production was in “free-fall” and could
soon fall below 1 million barrels per day (bpd), the International Energy
Agency’s Executive Director Fatih Birol said on Tuesday. Speaking to Reuters on
the sidelines of the Africa Oil Week conference in Cape Town, Birol also said
that he hoped oil prices would not rise above current levels this year because
it would be bad for the “fragile” global economy. More…
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