Comments by IEA chief Fatih Birol
- Could see a free fall in oil output from Venezuela
Without a doubt the fall in Venezuela's oil production this year has had a significant impact on oil prices thus far. It's one of those behind-the-scenes kind of thing, but it's an added support the OPEC narrative that we could be seeing an end to the oil glut.
The thing is with prices at current levels, it's not going to slow down drilling and production in the US shale though. That's the push and pull in the oil market in short.
------
