Oil prices ran into a brick wall on Thursday, falling more than 1 percent on news that U.S. inventories jumped and OPEC may be considering an exit from its production cuts. Reuters reports that some OPEC officials are privately rethinking the extension of their production cuts beyond June. To date, the prevailing consensus has been that OPEC+ would need to keep the cuts in place through the end of this year in order to rebalance the market. But the swiftness of the rebalancing effort has surprised most analysts, and has even surprised OPEC itself. Of course, while the group has kept 1.2 million barrels per day (mb/d) off of the market since the start of this year (give or take), U.S. sanctions have knocked even more supply offline in Venezuela and Iran. In March, Venezuela’s oil production plunged by 289,000 bpd, falling to just 732,000 bpd, according to OPEC’s […]