Crude oil

What's next for Venezuela's oil sector

In this picture, a Venezuelan woman holds a banner of President Maduro at a protest.
Photo: Jepayoa Delita/Getty Images

Things could get a lot worse before they get better for Venezuela's oil sector, according to a new analysis from the consultancy Rystad Energy. But needless to say, the political outcome there matters a lot.

What they found: In their "base" case, production falls from 1.34 million barrels per day at the end of 2018 to 1 million this year, then drops further to 890,000 barrels per day next year.

OPEC reportedly seeking formal pact with Russia

Saudi energy minister with Russian energy minister
Saudi Energy Minister Khaled al-Faleh (L) and Russian Energy Minister Alexander Novak attend a meeting of OPEC and non-OPEC members. Photo: Amer Hilabi/AFP via Getty Images

OPEC is seeking to formalize its market management partnership with Russia and other producers, a proposal slated for discussion later this month in Vienna, The Wall Street Journal reports.

Why it matters: Plans to transform their existing, roughly 2-year-old oil supply management effort into something more durable signals how the U.S. production surge has upended oil markets and geopolitics.

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