Oil production in Venezuela fell by 142,000 barrels per day in February NTN24

Crude oil production in Venezuela fell in February, according to figures released Thursday by the Organization of Oil Exporting Countries (OPEC), which also called on the United States to contribute to market stability.

The total production of the cartel fell again by 221,000 barrels per day, to 30.54 million barrels per day (mbd) in February, according to secondary sources (indirect) that OPEC mentioned in its monthly report. He assessed AFP.

More than half of this decrease 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.

To a lesser extent, Saudi Arabia and Iraq 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.

OPEC also maintained its forecasts for world oil demand in 2019, but revised up supply prospects somewhat, mainly as a result of Canadian production, which is expected to occur more than expected.

For 2019, OPEC predicts a production growth of non-OPEC countries of 2.24 mbd (against an estimate of 2.18 mbd last month), accounting for 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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