Crude oil inventories in the world are rising despite U.S. sanctions, which have affected Venezuelan and Iranian production, Saudi Arabia’s Energy Minister Khalid al-Falih said, as quoted by Reuters, at a briefing in Baku where OPEC is meeting with its production cut partners to discuss future steps. According to Falih, it’s U.S. production that is more than offsetting the decline in Venezuela and Iran. Unsurprisingly, Falih once again said the cuts may need to extend beyond April and even into the second half of the year. “My…
