Oil supply concerns mount as OPEC cuts output, US sanctions bite
|02/12/2019||Posted by BusinessMediaguide.Com under General World News||
- OPEC said on Tuesday production fell by nearly 800,000 barrels per day in January.
- The expected drawdown comes at the same time that US sanctions restrict supply from Iran and Venezuela.
- Leaving refiners with few other options, those conditions could squeeze supply of heavy crude.
As Middle Eastern oil producers follow through with plans to slash production, US energy sanctions have raised concerns about global supply of heavy crude.