Venezuela has the world’s largest proven oil reserves, but the country is in turmoil and has been for years. With little to no investments and US sanctions, analysts think their output will dwindle to less than 1 million / day.
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However, that didn’t stop oil from extended its weekly rally to a fresh 4-month high. Oil did eventually cool of a bit after prices hit a 4 hr supply zone on Friday.
The oil prices remain a supply and demand equation. Oil use in China, the world’s biggest importer, in the first two months of 2019 rose 6% from a year
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