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The IEA said global oil supply fell 1.4 million b/d in January, reflecting Iran sanctions, OPEC cuts, US sanctions on Venezuela's PDVSA, and Alberta supply cuts. Venezuelan exports to the US have collapsed, and the shortfall hits heavy, sour crude in particular.
Losses of heavy sour barrels from sanctions and Canadian cuts tighten supply for refiners that process that crude, supporting crude prices.
ogj.comOGJ editorsFeb 13, 2019After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
