AIE notes plunge into Venezuela's oil exports to China and India

In its July 2018 report, the International Energy Agency states that Venezuelan oil exports to India exceed those of China. In the first case, it was 325,000 barrels a day and in the second, 250,000 barrels a day. both volumes show a decrease of 24% and 37%, respectively, from the peak of deliveries three years ago.
The IEA, in previous reports, has shown that Venezuela's export problem is mainly due to the decline in production. and he adds that there are problems in the global oil supply because of the prospect of trade sanctions against Iran after the US government decided not to renew the agreement of nuclear control in this Persian nation, which exported in June around 600,000 barrels to China and India.
"It is clear that the second and third largest oil consumers could face great challenges to provide with sources other than Iran and Venezuela," says the IEA in its report. "The fact that prices have remained relatively high reflects various supply problems, some of which will accompany us for a while, for example, Iran and Venezuela," he said.
Mention that there is a determination "clearly expressed" by the government of Donandl Trump to reduce as much as possible Iran's exports to levels that are calculated in the order of 1, 2 million barrels a day, which leads the IEA to point out that oil production in June of the OPEC member countries reached 31.87 million barrels per day and the l & # 39; increased output in Saudi Arabia offset losses in Angola, Libya and Venezuela. https://www.iea.org/oilmarketreport/omrpublic/

Expansion non OPEC

The report of the International Energy Agency points out that the world oil supply has increased of 370,000 barrels a day in June, mainly due to the increase in exports from Saudi Arabia and Russia which, as members of the Vienna Agreement, decided to respect 100 % of their quotas.
Production of non-OPEC countries will increase by 2 million barrels per day by the end of the year and 1.8 million barrels per day year. next led by the United States, despite temporary interruptions in Canada, Brazil, Kazakhstan and the North Sea during the year.
Prices remained relatively high, reflecting several concerns about supply, some of which will continue for some time, such as the cases of Iran and Venezuela. The strong commitment by the United States to reduce Iran's exports as much as possible suggests that shipments are much smaller than the 1.2 million barrels per day observed in the previous round of sanctions.