Venezuela’s Decision To Import Oil Is The Perfect Example Of Just How Screwed The Country Is
http://www.businessinsider.com/venezuelan-imports-light-crude-from-algeria-2014-10
OCT. 29, 2014
Still a net exporter, but they are running out of enough light stuff to blend with their extra heavy.
What’s now looking to be off the table is 1 million barrel@ year oil increases from 2016-2019.
Still might get another 500k barrel@ day increase in 2015.
The EIA is now looking to be more on the mark about peak US oil production at 9.4 million barrels@ day next year than they were five months ago.
Lower priced oil however delivers a real shot in the arm to the US economy—and the world economy driving up GDP — which will eventually drive up demand for oil.
But I’ve not seen any studies on how long it takes for lower oil prices to translate into higher demand for oil.