Oil up on reduced U.S. output estimate, stalled Venezuelan exports

Oil prices rose on Wednesday, buoyed by an official forecast showing slower-than-expected U.S. production, and as U.S. sanctions stall exports from Venezuela.

The U.S. Energy Information Administration (EIA) said on Tuesday that U.S. crude production was expected to grow more slowly in 2019 than it had previously expected, averaging about 12.30 million barrels per day (bpd).

The EIA revised down its projected 2020 production figure from 13.20 million bpd to 13.03 million bpd.
more at: https://www.reuters.com/article/us-global-oil-idUSKBN1QU04I

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