Oil was flat at the start of trading on Tuesday, still caught between U.S.-Iran tensions on the one hand, and the downside risk of the U.S.-China trade war. – Venezuela’s oil production plunged to just 830,000 bpd in April, down from 1.2 mb/d at the start of 2019, according to the EIA . OPEC had a lower estimate for Venezuelan oil production – down to 768,000 bpd in April. – Outside of a 2003 strike by PDVSA workers, which saw production plunge, Venezuela’s oil output is at its lowest point in decades. – In 2018, production declines averaged 33,000 bpd per month, a rate that accelerated to 135,000 bpd per month in the first quarter of 2019. The rig count fell from 70 rigs in 1Q2016 to just 24 in 1Q2019. Market Movers – BP (NYSE: BP) […]