On December 4, the "OPEC+" ministerial meeting decided to keep the quota unchanged. I think the current supply and demand are OK. In the future, Russia felt psychologically unbalanced and did not want to sell it to Europe and the United States, but to develop countries. They sold it to Europe at a high price. The supply chain is arranged clearly.
Don’t say whether there is a market for Russian oil. Even Pakistan, which is so close to Middle East , Sri Lanka , Indonesia , Myanmar and other countries can’t stand it anymore and go to russian oil that needs discounts. No worries about selling.
A few days ago, that is, on Thursday, December 1, the day before EU passed the Russian oil price ceiling, the AMUAY refinery, the largest refinery in Venezuela, the AMUAY refinery under the Venezuela National Oil Company, announced its suspension of production. What a coincidence.
Its daily output is 645,000 barrels per day. The reason for the suspension of production is that the fluid catalytic cracking device has a malfunction and the specific start time is unknown.
Venezuela, as a major member of OPEC , has so far reduced production by about 645,000 barrels. I wonder if that's the case?
