Venezuela produces about 1.2 million barrels of oil a day when it operates normally, the IEA said. But the agency said there are a number of factors that could blunt the Venezuelan oil loss on the global oil market.
The first and most important is the production cut agreed by the OPEC and some non-OPEC countries, which also amount to 1
"Much of this spare capacity is made up of crude oil of similar quality to the Venezuelan exports", the agency said. "Therefore, in the event of a serious loss of supply from Venezuela, the potential means to avoid serious interruptions in the oil market is theoretically affordable for everyone."
Furthermore, signs of a slowdown in the global economy could reduce demand for oil, according to the IEA. And the tendency to expand exports from Canada and the United States could also fill part of the gap.
Sanctions are having another impact on the Venezuelan oil industry, which gets most of its oil from the United States. Its supply of the liquid hydrocarbon mixture, used to dilute the crude oil, has been interrupted. Without it, the heavy crude of Venezuela cannot be easily transported.
Rystad Energy predicts that some operators in Venezuela will run out of oil this month.
– Mattnin Business & # 39; Matt Egan contributed to this story