The evolution of oil prices once again reflected geopolitical tensions and strategic decisions by major producers, on a day marked by statements from the United States about Venezuela and confirmation from OPEC+ that it will maintain production levels unchanged until April.
Oil prices recorded slight drops this Monday, after the president of the United States demanded “full access” to Venezuela’s natural resources and OPEC+ confirmed that it will not change the supply of crude in the short term. After opening higher, markets reversed trend throughout the morning.
Brent, the reference oil in Europe, fell by around 0.6% at 06:00, Lisbon time, to values close to 60.4 dollars per barrel. West Texas Intermediate, a reference in the United States, fell around 0.5%, to close to 57 dollars per barrel, before the formal opening of the North American market, according to the international news agency Reuters.
Washington’s demand on Venezuelan resources
On Sunday, the President of the United States, Donald Trump, demanded that the new Venezuelan leader, Delcy Rodríguez, “full access” to the South American country’s natural resources, with special emphasis on oil.
“What we need is full access. Full access to oil and other things in the country that will allow us to rebuild the country,” Trump said, in a statement that had an immediate impact on energy markets.
Venezuela has the largest proven oil reserves in the world, but a large part of its production is made up of heavy crude, which is more difficult and expensive to refine, which makes its flow dependent on specific infrastructure.
US interest in Venezuelan heavy crude
The US Secretary of State, Marco Rubio, explained that one of the Trump administration’s main interests is precisely refining Venezuela’s heavy crude oil in US refineries, according to the same source.
According to Rubio, the refineries located on the Gulf Coast are among the best prepared in the world to process this type of crude. The official also highlighted that there is currently a global shortage of heavy crude oil, which could generate strong demand from private industry if conditions are created for this access.
“Our refineries on the Gulf Coast are the best for refining this heavy crude oil. There has been a shortage of this type of oil around the world, which opens up enormous interest from the industry”, he said in statements on North American television.
OPEC+ decision and the impact on world supply
However, hours earlier, OPEC+ confirmed that it will keep oil production levels stable at least until April, in a decision taken during a brief videoconference meeting.
The meeting brought together Energy and Petroleum Ministers from countries such as Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. These eight countries have been central to the global supply control strategy.
In 2023, this group moved forward with voluntary cuts in production to support crude prices. However, from April last year, this policy began to gradually reverse, with monthly increases aimed at recovering market share, says . In total, between April and December, the increase in production amounted to around 2.9 million barrels per day, which corresponds to approximately 2.8% of world production, a factor that continues to put pressure on international oil prices.
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