PDVSA struggling to sell eight million barrels of oil


February 27, 2019 06:20
Updated February 27, 2019 18:41

Ships loaded with more than eight million barrels of oil, worth more than US $ 500 million, are detained on the Venezuelan coast due to the closure of access to the world oil market to Nicolás Maduro, as reported by the news network. DW

The financial sanctions and oil restrictions imposed by Donald Trump's government in Maduro may have influenced an increase in the Brent price, which rose 1.76% on Wednesday, explained Jose David Navarro, an economics expert, though He added that the main aspect of the increase in the price of crude oil is the cut of production made by the Organization of the Petroleum Exporting Countries.

"Washington was already aware of Venezuela's dependence on oil and began a process to get rid of those resources," Navarro said.

The price of a Brent oil barrel for April delivery ended today in the London futures market at $ 66.42, or 1.76% more than at the end of the previous session, Efe said.

The North Sea Crude, a benchmark in Europe, completed the day on the International Exchange Futures with a $ 1.15 increase over last trading when it closed at $ 65.27.

European oil prices advanced after it became known that US reserves fell 8.6 million barrels last week, while analysts had expected an increase of about 2.8 million barrels.

The Organization of the Petroleum Exporting Countries (OPEC) plans to continue production cuts and the possible consequences of offering sanctions to Venezuela also boosted prices.

With information from Efe


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