# IEA Sees Oil Markets Tightening as PDVSA Output

> The International Energy Agency said global oil markets are tightening quickly as Venezuela's output fell to about 1.61 million bpd in December, near a 30-year low, and could fall further in 2018. OPEC's December crude output dropped to 32.23 million bpd, lifting its compliance to 129%.

- Date: 2018-01-19 · published 2018-01-19T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/66904-iea-sees-oil-markets-tightening-as-pdvsa-output
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A tightening market driven by Venezuelan declines and OPEC compliance supports crude prices, which raises energy and transport costs across feed supply chains.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-01-19 | [IEA: OPEC output cuts under scrutiny as market tightens](https://feedsoft.ai/events/72916-iea-opec-output-cuts-under-scrutiny-as-market-tightens.md) | +1.6% | +2.4% |
| BRENT | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.2% | +7.9% |
| BRENT | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -0.4% | +8.7% |
| BRENT | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.9% |
| BRENT | 2019-04-10 | [OPEC's oil output plunges as Saudis slash output](https://feedsoft.ai/events/59506-opec-s-oil-output-plunges-as-saudis-slash-output.md) | +0.6% | -0.1% |
| WTI | 2017-01-19 | [IEA: OPEC output cuts under scrutiny as market tightens](https://feedsoft.ai/events/72916-iea-opec-output-cuts-under-scrutiny-as-market-tightens.md) | +2.4% | +3.9% |
| WTI | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.6% | +6.4% |
| WTI | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -1.2% | +8.9% |

## Sources

- oedigital.com: https://www.oedigital.com/amp/news/433106-iea-sees-oil-markets-tightening-as-pdvsa-output-sags

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.