Oil production in Venezuela falls in February (OPEC)

Crude production in Venezuela fell in February, according to figures published by the Organization of oil-exporting countries (OPEC), He also asked the United States to contribute to market stability.

The total production of the cartel fell again 221,000 barrels per day, up to 30.54 million barrels per day (mbd) in February, according to secondary sources (indirectly) quoted by OPEC in its monthly report.

More than half of this fall is explained by Venezuela, where production fell by 142,000 barrels per day compared to January.

The country had to limit its offer for American sanctions against the national oil company PDVSA.

(Also read: Fedecámaras rejects transactions in currencies with rates other than Dicom)

To a lesser extent, Saudi Arabia and Iraq also reduced their production in February.

In December, OPEC together with Russia lowered its production targets to support prices in a market that was saturated with American oil.

also, on the other hand maintained its predictions of world oil demand in 2019 however, inventory forecasts have risen slightly, mainly due to the production of Canada that is expected to occur more than expected.

For 2019, OPEC predicts a growth in the production of countries outside the organization of 2.24 mbd (compared to an estimate of 2.18 mbd last month), representing a total of 64.43 mbd.

"Although oil demand would grow at a moderate pace in 2019, it is still much lower than the strong growth expected this year from non-OPEC suppliers," the report said.

The cartel also states, towards the United States, that "the shared responsibility of all producer countries is to prevent the return of imbalances and to continue supporting the stability of the oil market by 2019."

The United States, in full revolution of shale fired hydrocarbons, should produce an additional 1.80 mbd this year.

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