Venezuela’s oil industry is collapsing fast. No wonder then that OPEC is finally talking about perhaps raising production to make up for Venezuela’s overdelivering on production cuts. As Reuters reported yesterday, the cartel is “looking closely” at the country’s oil production to make sure it is low enough for other members to step in and start pumping more. If OPEC is talking about taking action, this means it is not too happy with oil prices at the current level, which at the time of writing was US$79.36 a barrel for Brent and US$72.51 a barrel for WTI . The energy ministers of Saudi Arabia and the UAE already said as much: they last week said there was no fundamental reason for Brent to trade at over US$80 a barrel—there was enough supply to compensate for any losses when U.S. sanctions against Iran kick in later this year. Now, other […]