Venezuela produces about 1.2 million barrels of oil a day when it is working properly. But the agency said there are a number of factors that could damage the loss of Venezuelan oil on the world oil market.
First of all, this reduction in production, which was agreed upon by OPEC and some non-OPEC members, which also "Much of this free capacity consists of crude oil, similar in quality to Venezuela's exports," the agency said. "Therefore, in the event of a major loss of supplies from Venezuela, the potential means of avoiding serious violations in the oil market is theoretically on hand."
In addition, signs of a slowdown in the world economy can reduce demand for oil, according to the IEA. The trend of expanding exports from Canada and the United States could also fill a fraction of this gap. its oil for American customers.