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Oil Observer: Venezuelan oil industry risks collapse



"Although there are signs that the situation [with electricity] is improving, the degradation of the grid is such that we can not be sure that the corrections are durable," said the agency, a watchdog for Western oil consumer countries on its website at N & #Night
Much of the country was without power for most of last week. The government government of Nicholas Maduro said that the government was restored, but there is still a disconnection.

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.

Sanctions have a different impact on the Venezuelan oil industry, which receives most of the oil from the United States. Its supply of a liquid hydrocarbon mixture, which is used to dilute raw materials, has been disabled. Without this heavy crude oil Venezuela can not be easily transported.

Rystad Energy predicts that some operators in Venezuela will exhaust oil by this month.

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1; Met Hagan (CNN Business) Matt Hagan contributed to this story


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