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Venezuela electricity crisis may challenge global oil market IEA RT Business News

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Mar 15, 2019 8:45 AM 1+ week ago

Venezuela electricity crisis may `challenge' global oil market - IEA Venezuela electricity crisis may `challenge' global oil market - IEA

Crude supplies from Venezuela are at risk of falling sharply and becoming a challenge for the world's oil market, the International Energy Agency (IEA) warns in its monthly report.

The power crisis in the South American country that disrupted crude exports this week could return or worsen, threatening 1.2 million barrels per day (bpd) of oil supplies, or more than one-percent of global output.

"Although there are signs that the situation is improving, the degradation of the power system is such that we cannot be sure if the fixes are durable," the IEA said.

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A blackout hit Venezuela on March 7, as national electricity supplier Corpoelec reported "sabotage" at a major hydroelectric power plant called Guri. Power outages have been reported in 21 of the 23 Venezuelan states. On ...

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