Oil raced above $ 100 a barrel almost as soon as the Russian assault started.
Russia has responded by threatening to cut oil production by half a million barrels a day in March, which could raise prices globally, but that is a double‐edged sword, also affecting Russia’s main ally, China.
In April 2019 Venezuela only produced 830,000 barrels per day, down from 1.2 million at the beginning of the year, according to new data from the United States’ Energy Information Administration.