US Oil Industry Eyes Venezuela Resurgence Amid Political Uncertainty
US oil refiners are preparing for a potential increase in Venezuelan crude oil imports, signaling a possible market shift.
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OPEC+ cuts and China recovery keep oil above $80/bbl.
Oil prices edged up slightly on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. The International Energy Agency (IEA) forecast record demand in 2023 of 101.9 million barrels per day (bpd), up 2 million bpd on last year. However, the IEA warned that the output cuts announced by OPEC+ producers risked exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and a global economic recovery.