Crude oil prices remained relatively stable on Wednesday, as WTI futures fluctuated around the level of 61 dollars per barrel, as the markets await OPEC alliance decisions related to increasing production, while Venezuela is witnessing a decline in its oil exports.
What effects will be the engine of oil movements during the coming period
Venezuela's impact on oil supplies
Recent developments in Venezuela have raised concerns about supply shortages, especially after the United States granted Chevron permission to keep its assets in the country without allowing it to export oil or expand its operations, Reuters quoted informed sources as saying.
The suspension of Venezuelan Chevron's exports is expected to reduce the supply of crude oil in the US market, which may push refiners to rely more on Middle Eastern oil.
OPEC meeting and expectations of an increase in production
Traders are looking ahead to the OPEC meeting scheduled for Wednesday, where the alliance is expected to announce a gradual increase in production starting next July.
The final decision is likely to be made on Saturday at a meeting of eight members of the Alliance who are implementing additional voluntary production cuts. U.S.
Energy Information Administration report
The US Energy Information Administration (EIA) is scheduled to release its weekly report on oil inventories on Wednesday, which may affect price trends amid expectations of falling inventories due to a decline in Venezuelan imports.
