The fall in oil exports has starved the socialist government of President Nicolas Maduro of its main source of revenue, contributing to an economic collapse.
Tariffs against Canada and labor issues in Mexico raise concerns about USMCA.
Even for the leanest, meanest oil and gas producer sitting on the best assets in the land, fate hinges on the nature of the recovery.
US claims that the oil-for-food deal didn’t deliver food for the Venezuelan people.
OPEC and allies, known as OPEC+, have been cutting output since May by a record 9.7 million bbl/d—or 10% of global supply—after oil demand plunged by up to a third.
This week’s meetings are part of an OPEC+ effort to review the impact of a record supply that started May 1 cut and hear from countries yet to deliver their share in full, such as Iraq.
“We aren’t out of the woods yet, but things have moved in the right direction,” Helen Currie, chief economist at ConocoPhillips, says of the COVID-19 demand shock to the oil market.
API said U.S. investors have faced difficulties getting permits in Mexico for fuel stations, storage facilities, imported fuel and terminals.