Skip to main content

An oil pumpjack and a tank with the corporate logo of state oil company PDVSA are seen at a facility in Lagunillas, Venezuela.

ISAAC URRUTIA/Reuters

The International Energy Agency (IEA) has yet to assess the impact of the latest U.S. sanctions on Venezuelan oil supplies, its executive director said on Wednesday.

“Far too early to speak about Venezuela and we are following the events very closely,” Fatih Birol told Reuters on the sidelines of an industry event in New Delhi.

The Trump administration on Monday imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, aimed at curbing the OPEC member’s crude exports to the United States and pressuring Nicolas Maduro to step down as president.

Story continues below advertisement

Traders have already started looking for ways to work around the sanctions, which will hit 500,000 barrels per day (bpd) of heavy crude that the United States imports from Venezuela. India and China are the other top importers of Venezuelan crude.

When asked if the IEA sees oil markets tightening this year, Birol said: “The market is currently very well supplied and there (is) lots of U.S. shale oil coming into the market.”

“There are lots of uncertainties in the oil markets now for different reasons. We are following the uncertainties in Latin America, in the Middle East, and Asia as well,” he said.

Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter