IEA comments in its monthly oil report
- Political crisis in Venezuela risks disrupting oil markets
- US sanctions on Venezuela may create problems for crude quality
- The type of oil pumped by Venezuela becomes increasingly scarce
The report centers a lot on the crisis seen in Venezuela with a focus on a possible problem in with regards to crude oil quality as other OPEC members are seen cutting production on sour crude oil. That said, it's not a major issue for now but something to keep in mind down the road.
As for production quantity, Venezuela's oil output has already plunged dramatically over the past few years due to the country's economic turmoil:
