Monday , June 27 2022

Oil is rising in London because of the tension in Venezuela


Oil rose in the London market on Tuesday because of tension in Venezuela, and after statements by the Saudi minister that his country would increase production without exceeding OPEC quotas.

At 1415 GMT, the Brent barrel for June delivery was worth $ 72.75 in London, up 71 cents from Monday's closing.

New York WTI barrel at that time rose 31 cents and stood at $ 63.81.

A group of Venezuelan soldiers rebelled against President Nicolas Maduro on Tuesday and with the support of Juan Guido, the opposition, who called on all armed forces to join the movement, which the government condemned as a coup attempt.

Venezuela is a member of the Organization of the Petroleum Exporting Countries (OPEC), and its oil production has drastically decreased in recent years because of the political and economic crisis.

For its part, Saudi Arabia said it was ready to respond to "consumer demands," but "we will do so while preserving horizons," Energy Minister Al-Falah told the Russian news agency RIA Novosti.

"The small attacks between the Saudis and the Trump are expected, but the possibility of a coup in Venezuela is more disturbing," said Edward Moya, an analyst at Oanda in London.

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