Title : Venezuela's Oil Production Collapse Will Spur Higher Prices For Oil
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Venezuela's Oil Production Collapse Will Spur Higher Prices For Oil
CNBC: Crisis-hit Venezuela could soon tip the oil market 'decisively into deficit,' IEA says
* "Within the OPEC countries, the biggest risk factor is, and will likely remain, Venezuela," the IEA said in its closely-watched report published Thursday.
* While Venezuela boasts the world's largest proven oil reserves, crude production in the state has been steadily declining in recent years.
* The IEA upwardly revised its global oil demand forecast to 99.3mb/d in 2018. However, the group warned recent signs of protectionism from the U.S. could hamper economic growth forecasts worldwide and in turn, hit trade flows and oil demand.
Venezuela is likely to remain the biggest risk factor among leading oil producers for some time to come, according to the latest monthly report from the International Energy Agency (IEA).
"Within the OPEC countries, the biggest risk factor is, and will likely remain, Venezuela," the IEA said in its closely-watched report published Thursday.
"Without any compensatory change from other producers it is possible that the Latin American country could be the final element that tips the market decisively into deficit," the Paris-based organization added.
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WNU Editor: Higher oil prices will spur more production from America's oil and gas frackers .... but it will take time.
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