The crisis in Venezuela threatens to disrupt the global oil market, but OPEC has a much stronger base of spare capacity that offers a “supply cushion,” according to a new report from the International Energy Agency (IEA). “Although there are signs that the situation is improving, the degradation of the power system is such that we cannot be sure if the fixes are durable. Until recently, Venezuela’s oil production had stabilised at around 1.2 mb/d,” the IEA said in its March Oil Market Report. Independent analysts have…
