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Easing Venezuelan Sanctions Unlikely to Change OPEC+ Policy: Reuters Sources

OIL

OPEC+ does not expect any major impact on its policy from Venezuelan sanctions easing according to Reuters OPEC+ sources. They said the group is not concerned because the recovery is expected to be gradual.

  • The sources added that they do not expect to see a significant price reaction from increasing flows from Venezuela.
  • "Let's see the level of production to be added," an OPEC+ source said to Reuters. "Maybe it will be small quantities, so then we are unlikely to see a policy change."
  • Together with Iran and Libya, Venezuela is one of the OPEC members exempt from making supply cuts by the wider OPEC+ group.
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