Sharper than expected recovery in Venezuelan oil production

According to the April IEA Oil Market Report, Venezuelan oil production has recovered more sharply than expected. Bottlenecks in storage at the eastern port of Jose proved short-lived. Crude oil exports were well in excess of 1 mbd for the month of March. Conventional crude oil production is estimated to have increased to above 1.9 mbd by the second week of March with a gradual rise to about 2.1 mbd mid-month. IEA estimate that around 0.4 mbd of production capacity has been lost due to the strike and assess capacity above the current 2.1 mbd production to be an additional 0.3 mbd.

The world oil supply and demand development can be viewed in tables and graphs on the INTERTANKO website