• 4 minutes Why Trump will win the wall fight
  • 9 minutes Climate Change: A Summer of Storms and Smog Is Coming
  • 12 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 3 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 2 hours Ayn Rand Was Right
  • 2 hours Solar and Wind Will Not "Save" the Climate
  • 12 hours Expected Breakdown: Israel-Central Europe Summit Canceled After Polish Pullout
  • 13 hours Some Good News on Climate Change Maybe
  • 3 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 4 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 46 mins Sanctions or Support: Despite Sanctions, Iran's Oil Exports Rise In Early 2019
  • 1 day IT IS FINISHED. OPEC Victorious
  • 20 hours Oil Prices Bookended for Rest of This Year? Maybe $50 to $80? (My old 'See Saw' theory redux)
  • 19 hours Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 5 hours Regular Gas dropped to $2.21 per gallon today
Alt Text

OPEC’s Next Big Crisis

OPEC is facing some major…

Alt Text

The Biggest Threat To Oil Market Stability

The oil market should be…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Venezuela Seeks OPEC Support Against U.S. Sanctions

Cash-strapped Venezuela is pleading with OPEC for solidarity against U.S. sanctions, a week after Iran also asked its fellow cartel members for support against the returning U.S. sanctions on Tehran.

“I kindly request solidarity and support from our fellow members,” Venezuela’s Oil Minister Manuel Quevedo wrote in a letter to OPEC seen by Bloomberg News.

In the letter, Quevedo is calling upon the cartel to discuss “the constraining effects of unilateral sanctions imposed by the United States of America, which represent an extraordinary aggression, financially and economically, for our national oil industry’s operations and the stability of the market.”

The letter by Venezuela is similar to the one that Iran sent to OPEC last week, in which Tehran sought support from fellow OPEC members against the returning U.S. sanctions and wanted the issue on the agenda at the Vienna meeting later this month.

In his letter, Iranian Oil Minister Bijan Zangeneh also suggested that his country does not agree with “recent remarks by certain OPEC members, noting that the Organization adopted decisions by consensus and no single member spoke for the body.”

This comment could be setting the stage for a difficult OPEC meeting, all the more so that it was Iran’s archrival Saudi Arabia that hinted that the cartel and allies may discuss easing the production cuts in June.

Venezuela, for its part, is said to be nearing the point in which it may have to declare force majeure on its oil exports as production plunges and its ports are unable to ship enough crude. Related: Corn States Win In Fight Against Refiners

Iran and Venezuela are currently the two key oil supply concerns globally that supported the oil price rally in recent weeks, before Saudi Arabia and Russia hinted at discussions that they were considering reversing some of the cuts to offset production losses and “ease market and consumer anxiety.”

If the partners in the production cut deal decide to raise production and if this move depresses oil prices, Iran and Venezuela will be two of the biggest losers from lower oil revenues, because they can’t raise their respective production levels, also because of the U.S. sanctions.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News