The Gulf conflict is forcing oil producers to prepare for a future beyond Hormuz. From the UAE and Saudi Arabia to Iraq, Gulf exporters are accelerating pipeline projects and building alternative export routes to keep crude flowing. Here's a report on how the crisis is redrawing the world's oil map and creating a new era of energy security. Take a look…


Gulf Oil Exporters Race to Bypass Hormuz

Iraq has reopened a key border crossing with Syria after a decade, aiming to boost fuel oil exports and strengthen regional trade routes. The move is expected to improve energy flow and economic cooperation between the two countries, marking a significant step in restoring cross-border connectivity amid shifting Middle East trade dynamics.


Iraq Reopens Crossing to Boost Fuel Oil Exports Via Syria; Crossing Reopens After a Decade

Venezuela's state-run oil company PDVSA has begun cutting crude production because it is running out of storage capacity due to an ongoing U.S. oil blockade that has reduced exports to zero, piling more pressure on an interim government trying to hang on to power in the face of U.S. threats of more military action.


Venezuela oil exports grind to halt, global oil supplies offset disrupted 

Russia is winning the sanctions game. The sanctions aimed to reduce the inflow of petro dollars which is the key to financing the war against Ukraine. However, Russia's oil revenue rose 50% in May.

Russia's crude prices rise as the nation adapts to sanction |

Russia has ordered a temporary ban on gasoline exports. The six-month ban on gasoline exports will start from March 1. The ban aims to keep prices stable amid rising demand from consumers & farmers

Why has Russia halted gasoline export for 6 months?

India has put $ 37 billion into Moscow's coffers with unprecedented purchase of Russian oil at a time it is locked in a war with Ukraine. Watch in for more details!

Russia's shifting oil export trends

Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14). However, Moscow's oil revenues have dropped sharply from last year, it added. Since the Russian invasion of Ukraine over a year ago, there have been thousands of sanctions against Russia including price caps on its exports and EU embargoes.

According to the IEA’s monthly oil market report, total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, which is the highest since April 2020. However, while Moscow’s oil revenues rebounded by $1 billion to $12.7 billion, they were&nbsp;still nearly 43 per cent lower when compared to a year ago, said the Paris-based agency.&nbsp;

In March, Russian crude oil exports rose by 100,000 bpd to 5 million bpd with India effectively replacing China as Moscow’s main market in Asia, last month. Additionally, the IEA also said that the oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/opec-agrees-to-cut-production-for-first-time-in-a-year-after-oil-price-slump-513187">OPEC to cut production by 100,000 barrels per day after oil price slump</a>

Months after the Russian invasion of Ukraine, the EU imposed an embargo on seaborne oil deliveries from Moscow in December along with a $60 per barrel price cap for exports across the world, the move which was agreed to by the Group of Seven (G7) nations and Australia.

Earlier this year, the EU expanded its ban on Russian oil and agreed with the G7 to the price ceilings of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil.&nbsp;

Seemingly, in retaliation, Russia announced that it would be reducing its production by 500,000 bpd along with other OPEC+ member nations which sent shockwaves across the market.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/saudi-arabia-opec-members-announce-oil-production-cuts-by-over-a-million-bpd-578386">Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd</a>

According to the IEA, Russia missed its target in March as production fell by 290,000 bpd. “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” said the Paris-based agency. It added, “This augurs badly for the economic recovery and growth.”&nbsp;

The announcement, which cuts a total of 1.7 million bpd was also months after the group had agreed to a reduction of two million bpd back in November. The exports by Russia also returned pre-Covid levels as they have risen by 450,000 bpd to 3.1 million bpd.

(With inputs from agencies)&nbsp; 
 
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Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14).

Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14). However, Moscow's oil revenues have dropped sharply from last year, it added. Since the Russian invasion of Ukraine over a year ago, there have been thousands of sanctions against Russia including price caps on its exports and EU embargoes. According to the IEA’s monthly oil market report, total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, which is the highest since April 2020. However, while Moscow’s oil revenues rebounded by $1 billion to $12.7 billion, they were still nearly 43 per cent lower when compared to a year ago, said the Paris-based agency. In March, Russian crude oil exports rose by 100,000 bpd to 5 million bpd with India effectively replacing China as Moscow’s main market in Asia, last month. Additionally, the IEA also said that the oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd. ALSO READ | OPEC to cut production by 100,000 barrels per day after oil price slump Months after the Russian invasion of Ukraine, the EU imposed an embargo on seaborne oil deliveries from Moscow in December along with a $60 per barrel price cap for exports across the world, the move which was agreed to by the Group of Seven (G7) nations and Australia. Earlier this year, the EU expanded its ban on Russian oil and agreed with the G7 to the price ceilings of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil. Seemingly, in retaliation, Russia announced that it would be reducing its production by 500,000 bpd along with other OPEC+ member nations which sent shockwaves across the market. ALSO READ | Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd According to the IEA, Russia missed its target in March as production fell by 290,000 bpd. “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” said the Paris-based agency. It added, “This augurs badly for the economic recovery and growth.” The announcement, which cuts a total of 1.7 million bpd was also months after the group had agreed to a reduction of two million bpd back in November. The exports by Russia also returned pre-Covid levels as they have risen by 450,000 bpd to 3.1 million bpd. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russia’s oil exports hit a three-year high in March despite Western sanctions

Russia's long-awaited answer to a Western price cap was delivered on Tuesday by President Vladimir Putin, who signed an order restricting the supply of crude oil and oil products to countries that are a part of the cap beginning 1 February for a period of five months. With effect from 5 December, the Group of Seven major nations, the European Union, and Australia agreed to a $60 per barrel price restriction on Russian seaborne crude oil in response to Moscow's "special military operation" in Ukraine.

The Kremlin's decree stated: "This...comes into force on Feb. 1, 2023, and applies until July 1, 2023."

Also watch |&nbsp;Moscow: Blast at Russian Base kills three people

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Exports of crude oil will be banned starting on February 1; however, the <a href="https://www.wionews.com/world/christo-grozev-journalist-who-reported-on-navalny-poisoning-now-wanted-by-russia-546971">Russian</a> government will choose when oil products will also be prohibited, which may be after February 1. Putin may choose to override the restriction in certain circumstances, according to a provision in the directive.

(With inputs from agencies)

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Russia's long-awaited answer to a Western price cap was delivered on Tuesday by President Vladimir Putin, who signed an order restricting the supply of crude oil and oil products to countries that are a part of the cap beginning 1 February for a period of five months.

Russia's long-awaited answer to a Western price cap was delivered on Tuesday by President Vladimir Putin, who signed an order restricting the supply of crude oil and oil products to countries that are a part of the cap beginning 1 February for a period of five months. With effect from 5 December, the Group of Seven major nations, the European Union, and Australia agreed to a $60 per barrel price restriction on Russian seaborne crude oil in response to Moscow's "special military operation" in Ukraine. The Kremlin's decree stated: "This...comes into force on Feb. 1, 2023, and applies until July 1, 2023." Also watch | Moscow: Blast at Russian Base kills three people Exports of crude oil will be banned starting on February 1; however, the Russian government will choose when oil products will also be prohibited, which may be after February 1. Putin may choose to override the restriction in certain circumstances, according to a provision in the directive. (With inputs from agencies) WATCH WION LIVE HERE:

Putin issues decree banning Russian crude oil exports to countries that imposed price cap

Since the beginning of Vladimir Putin's war in Ukraine, the West has been escalating its offenses in terms of sanctions against Moscow. Western leaders vowed to hit Russia hard. It was oil that was the West's number one target.

Russian oil continues to flow in Britain | Western Hypocrisy

Venezuela is all set to start its oil exports to Europe two years after the US announced sanctions on the South American country on charges of undermining democracy. The fresh exports come as Europe is looking to cut its crude imports from Russia in the wake of war against Ukraine.

A 650,000-barrel-cargo of Venezuela’s oil chartered by Italy’s Eni is about to take off, Reuters news agency reported citing Refinitiv Eikon data on Friday.

Apart from that, a second tanker chartered by Eni, the very large crude carrier (VLCC) Pantanassa, is currently sailing towards Venezuela and expected to load 2 million barrels of the same grade, diluted crude oil (DCO), and take it to Europe, according to the Eikon data.

That cargo is expected to be delivered by Venezuela’s state-owned PDVSA later this month with an option for Eni to sell a portion of the crude to Spain’s Repsol for its Cartagena and Bilbao refineries, according to the document and sources.

In May, the US State Department sent letters to Eni and Spain’s Repsol authorising them to resume Venezuelan crude imports as a way to settle billions of dollars of unpaid debt and dividends owed by the OPEC-member nation.

The oil exports is likely to provide a major relief to the Venezuelan economy which is burdened with debt as its inflation rate reached stratospheric levels in 2018.

According to British oil and gas company BP, Venezuela has the world's biggest oil reserves.

In 2019, the US imposed oil sanctions on Venezuela under the Trump administration due to ongoing human rights violations by President Nicolás Maduro. Under President Biden, there were discussions about reopening some trade links by allowing crude-for-diesel exchanges on humanitarian grounds, although this never came to fruition.

The White House announced in May that it was reconsidering its restrictions on Venezuelan oil, entering discussions with Maduro.

(With imports from agencies)

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Venezuela is all set to start its oil exports to Europe two years after the US announced sanctions on the South American country on charges of undermining democracy.

Venezuela is all set to start its oil exports to Europe two years after the US announced sanctions on the South American country on charges of undermining democracy. The fresh exports come as Europe is looking to cut its crude imports from Russia in the wake of war against Ukraine. A 650,000-barrel-cargo of Venezuela’s oil chartered by Italy’s Eni is about to take off, Reuters news agency reported citing Refinitiv Eikon data on Friday. Apart from that, a second tanker chartered by Eni, the very large crude carrier (VLCC) Pantanassa, is currently sailing towards Venezuela and expected to load 2 million barrels of the same grade, diluted crude oil (DCO), and take it to Europe, according to the Eikon data. That cargo is expected to be delivered by Venezuela’s state-owned PDVSA later this month with an option for Eni to sell a portion of the crude to Spain’s Repsol for its Cartagena and Bilbao refineries, according to the document and sources. In May, the US State Department sent letters to Eni and Spain’s Repsol authorising them to resume Venezuelan crude imports as a way to settle billions of dollars of unpaid debt and dividends owed by the OPEC-member nation. The oil exports is likely to provide a major relief to the Venezuelan economy which is burdened with debt as its inflation rate reached stratospheric levels in 2018. According to British oil and gas company BP, Venezuela has the world's biggest oil reserves. In 2019, the US imposed oil sanctions on Venezuela under the Trump administration due to ongoing human rights violations by President Nicolás Maduro. Under President Biden, there were discussions about reopening some trade links by allowing crude-for-diesel exchanges on humanitarian grounds, although this never came to fruition. The White House announced in May that it was reconsidering its restrictions on Venezuelan oil, entering discussions with Maduro. (With imports from agencies) WATCH WION LIVE HERE

Venezuela resumes oil exports to Europe as Russia-Ukraine war triggers high gas prices: Report

Iran oil minister said on Sunday that US seizure of Iranian tankers in recent months hasn't stopped the sanctions-hit country from increasing oil exports.&nbsp;

“The United States has on several occasions in the past months violated Iranian oil tankers to prevent export of shipments," Javad Owji said in an interview carried by Iranian media.

"When the enemy realised it could not stop our exports and contracts, they went after our ships," Owji said.&nbsp;

His remarks follow reports of a recent seizure of an Iranian oil tanker in the Bahamas, even as indirect Iran-US&nbsp;talks in Vienna to revive a 2015 nuclear deal could see the lifting of US&nbsp;sanctions in return for Tehran curbing its nuclear work.

A last-minute demand by Russia, a close ally of Iran, has forced world powers meeting in the Austrian capital to pause for an undetermined time, despite having a largely completed text.

On March 5, Russia unexpectedly demanded sweeping guarantees its trade with Iran would not be affected by sanctions imposed on Moscow over its invasion of Ukraine - a demand Western powers say is unacceptable and Washington has said it won't accept.

"Iran's oil exports have risen under the toughest sanctions and without waiting for the outcome of the Vienna talks," said Owji.

The increase was thanks to "different methods used to win contracts and finding different buyers," Owji said.

The rise had "even increased the bargaining power of friends in Vienna," he said, without elaborating.

Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited the 2015 nuclear accord and reimposed sanctions.

Iran views US&nbsp;sanctions as illegal and has said it will make every effort to sidestep them.

Its oil exports have risen to more than 1 million barrels per day (bpd) for the first time in almost three years, based on estimates from companies that track the flows, reflecting increased shipments to China.

Iran increased exports in 2021 despite the sanctions, according to estimates from oil industry consultants and analysts. But they remained well below the 2.5 million bpd shipped before sanctions were reintroduced.

(With inputs from agencies)

Iran oil minister said on Sunday that US seizure of Iranian tankers in recent months hasn't stopped the sanctions-hit country from increasing oil exports. “The United States has on several occasions in the past months violated Iranian oil tankers to prevent export of shipments," Javad Owji said in an interview carried by Iranian media.

Iran oil minister said on Sunday that US seizure of Iranian tankers in recent months hasn't stopped the sanctions-hit country from increasing oil exports. “The United States has on several occasions in the past months violated Iranian oil tankers to prevent export of shipments," Javad Owji said in an interview carried by Iranian media. "When the enemy realised it could not stop our exports and contracts, they went after our ships," Owji said. His remarks follow reports of a recent seizure of an Iranian oil tanker in the Bahamas, even as indirect Iran-US talks in Vienna to revive a 2015 nuclear deal could see the lifting of US sanctions in return for Tehran curbing its nuclear work. A last-minute demand by Russia, a close ally of Iran, has forced world powers meeting in the Austrian capital to pause for an undetermined time, despite having a largely completed text. On March 5, Russia unexpectedly demanded sweeping guarantees its trade with Iran would not be affected by sanctions imposed on Moscow over its invasion of Ukraine - a demand Western powers say is unacceptable and Washington has said it won't accept. "Iran's oil exports have risen under the toughest sanctions and without waiting for the outcome of the Vienna talks," said Owji. The increase was thanks to "different methods used to win contracts and finding different buyers," Owji said. The rise had "even increased the bargaining power of friends in Vienna," he said, without elaborating. Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited the 2015 nuclear accord and reimposed sanctions. Iran views US sanctions as illegal and has said it will make every effort to sidestep them. Its oil exports have risen to more than 1 million barrels per day (bpd) for the first time in almost three years, based on estimates from companies that track the flows, reflecting increased shipments to China. Iran increased exports in 2021 despite the sanctions, according to estimates from oil industry consultants and analysts. But they remained well below the 2.5 million bpd shipped before sanctions were reintroduced. (With inputs from agencies)

Iran oil exports unaffected by US seizing tankers, says minister

President Biden’s advisers are discussing a possible visit to Saudi Arabia this spring to help repair relations and convince the Kingdom to pump more oil. WION's Susan Tehrani brings you more insights.

Reports: Biden advisers weigh Saudi Arabia trip for more oil

Iran President Hassan Rouhani on Saturday said Iran must counter <a href="https://www.wionews.com/world/iran-will-file-legal-case-against-us-for-sanctions-hassan-rouhani-204088">US sanctions</a> by continuing to export its oil as well as boosting non-oil exports.

Rouhani's comments, carried live on Iranian TV, came a day after Washington acted to force Iran to stop producing low-enriched uranium and expanding its only nuclear power plant, intensifying a campaign aimed at halting its ballistic missile programme and curbing its regional power.

"America is trying to decrease our foreign reserves ... So we have to increase our hard currency income and cut our currency expenditures," Rouhani said.

"Last year, we had we non-oil exports of $43 billion. We should increase production and raise our (non-oil) exports and resist America's plots against the sale of our oil."

Friday's move, which Rouhani made no direct reference to, was the third punitive <a href="https://www.wionews.com/world/us-is-loser-by-abandoning-iran-nuclear-deal-rouhani-171418">US action</a> taken against Iran in as many weeks.

Last week, it said it would stop waivers for countries buying Iranian oil, in an attempt to push Iran's oil exports to zero. The United States also blacklisted Iran's elite Revolutionary Guard Corps.

Efforts by the Trump administration to impose political and economic isolation on Tehran began with last year's US withdrawal from the nuclear deal it and other world powers negotiated with Iran in 2015.

Iran President Hassan Rouhani on Saturday said Iran must counter US sanctions by continuing to export its oil as well as boosting non-oil exports. Rouhani's comments, carried live on Iranian TV, came a day after Washington acted to force Iran to stop producing low-enriched uranium and expanding its only nuclear power plant, intensifying a campaign aimed at halting its ballistic missile programme and curbing its regional power.

Iran President Hassan Rouhani on Saturday said Iran must counter US sanctions by continuing to export its oil as well as boosting non-oil exports. Rouhani's comments, carried live on Iranian TV, came a day after Washington acted to force Iran to stop producing low-enriched uranium and expanding its only nuclear power plant, intensifying a campaign aimed at halting its ballistic missile programme and curbing its regional power. "America is trying to decrease our foreign reserves ... So we have to increase our hard currency income and cut our currency expenditures," Rouhani said. "Last year, we had we non-oil exports of $43 billion. We should increase production and raise our (non-oil) exports and resist America's plots against the sale of our oil." Friday's move, which Rouhani made no direct reference to, was the third punitive US action taken against Iran in as many weeks. Last week, it said it would stop waivers for countries buying Iranian oil, in an attempt to push Iran's oil exports to zero. The United States also blacklisted Iran's elite Revolutionary Guard Corps. Efforts by the Trump administration to impose political and economic isolation on Tehran began with last year's US withdrawal from the nuclear deal it and other world powers negotiated with Iran in 2015.

Iran must resist US sanctions through oil, non-oil exports: Iran President Rouhani

Venezuela suspends oil exports to India

Crude production is set to continue expanding in the United States thanks to shale oil, with the country becoming a net exporter from 2021, a development which should reinforce global energy security, the IEA said Monday.

"The second wave of the US shale revolution is coming," &nbsp;Fatih Birol, the executive director of the International Energy Agency, said in a statement.

New technology that allows for extracting oil and gas from shale rock formations has led to a boom in <a href="http://www.wionews.com/business-%26-economy/us-oil-exports-to-india-soar-ahead-of-sanctions-on-iran-151111">oil production in the United States</a> in recent years. With low production costs, that boom is set to continue.&nbsp;

The IEA forecasts the United States will account for two-thirds of the increase in global oil production and some three-quarters of the expansion of liquefied natural gas (LNG) over the next five years. &nbsp;

This will help the United States surpass Russia and nip at the heels of Saudi Arabia as the world's top exporter.

"This will shake up international oil and gas trade flows, with profound implications for the geopolitics of energy," said Birol.

Rising US shale production was one of the main drivers in the collapse in oil prices in 2014, from which the oil industry is just recovering.&nbsp;

Production outside the OPEC oil cartel is set to continue rising, according to the IEA, which sees it climbing by 6.1 million barrels per day (mbd) to 68.7 mbd in 2024. In addition to the United States, both Brazil and Norway are expected to increase output.

Meanwhile, OPEC output is expected to dip in 2019 and 2020, before resuming modest growth to 32 mbd in 2024.

Overall, global output is expected to rise by 5.9 mbd by 2024, with output in Iran expected to drop due to US sanctions and Venezuela thanks to its deep economic crisis.

The IEA also sees growth in demand for oil to ease, in particular, due to slowing expansion in China. Nevertheless, it sees demand increasing by an annual average of 1.2 mbd to 2024.&nbsp;

China and India will still account for nearly half of the global increase in oil demand, which is expected to rise by 7.1 mbd to 106.4 mbd in 2024.

Moreover, the IEA continues to see no peak in oil demand.&nbsp;

The petrochemicals sector and jet fuel will be the key drivers of growth, "more than offsetting a slowdown in gasoline due to efficiency gains and electric cars", said the IEA. &nbsp;

Crude production is set to continue expanding in the United States thanks to shale oil, with the country becoming a net exporter from 2021, a development which should reinforce global energy security, the IEA said Monday.

Crude production is set to continue expanding in the United States thanks to shale oil, with the country becoming a net exporter from 2021, a development which should reinforce global energy security, the IEA said Monday. "The second wave of the US shale revolution is coming," Fatih Birol, the executive director of the International Energy Agency, said in a statement. New technology that allows for extracting oil and gas from shale rock formations has led to a boom in oil production in the United States in recent years. With low production costs, that boom is set to continue. The IEA forecasts the United States will account for two-thirds of the increase in global oil production and some three-quarters of the expansion of liquefied natural gas (LNG) over the next five years. This will help the United States surpass Russia and nip at the heels of Saudi Arabia as the world's top exporter. "This will shake up international oil and gas trade flows, with profound implications for the geopolitics of energy," said Birol. Rising US shale production was one of the main drivers in the collapse in oil prices in 2014, from which the oil industry is just recovering. Production outside the OPEC oil cartel is set to continue rising, according to the IEA, which sees it climbing by 6.1 million barrels per day (mbd) to 68.7 mbd in 2024. In addition to the United States, both Brazil and Norway are expected to increase output. Meanwhile, OPEC output is expected to dip in 2019 and 2020, before resuming modest growth to 32 mbd in 2024. Overall, global output is expected to rise by 5.9 mbd by 2024, with output in Iran expected to drop due to US sanctions and Venezuela thanks to its deep economic crisis. The IEA also sees growth in demand for oil to ease, in particular, due to slowing expansion in China. Nevertheless, it sees demand increasing by an annual average of 1.2 mbd to 2024. China and India will still account for nearly half of the global increase in oil demand, which is expected to rise by 7.1 mbd to 106.4 mbd in 2024. Moreover, the IEA continues to see no peak in oil demand. The petrochemicals sector and jet fuel will be the key drivers of growth, "more than offsetting a slowdown in gasoline due to efficiency gains and electric cars", said the IEA.

US set to become net exporter of oil: International energy agency

Oil&nbsp;rose&nbsp;towards&nbsp;$80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.

Crude is trading at the highest since late 2014, underpinned by a&nbsp;supply-cutting deal among the Organization of the Petroleum Exporting Countries plus Russia and other non-members, and strong global demand.

Brent crude, the global benchmark, rose 54 cents to $79.76 a barrel by 1221 GMT. Last week, it topped $80 for the first time since November 2014.

US&nbsp;crude was up 31 cents at $72.55, having earlier traded at $72.72, its highest since November 2014.

"The solid global economy, selected&nbsp;supply&nbsp;disruptions and the upbeat market mood in particular in&nbsp;oil&nbsp;frame a positive environment," said Norbert Ruecker, head of commodities and macro research at Julius Baer.

The US&nbsp;government imposed new sanctions on Venezuela following Sunday's re-election of President Nicolas Maduro, a move that analysts say could further curb the country's&nbsp;oil&nbsp;output already at its lowest in decades.

"We can expect continued falling Venezuelan production," said Tony Nunan,&nbsp;oil&nbsp;risk manager at Mitsubishi Corporation in Tokyo.

Concern about a potential drop in Iranian&nbsp;oil&nbsp;exports following Washington's exit from a nuclear deal with Tehran and the threat of US&nbsp;sanctions is also supporting prices. On Monday, the United States hardened its approach to Iran.

Venezuela and Iran are members of OPEC, which with its allies has curbed production since January 2017 to get rid of a&nbsp;supply&nbsp;glut that in mid-2014 led to a price collapse.

Due in part to the involuntary drop in Venezuela's output, OPEC is over-delivering on the agreement. Saudi Arabia and other major OPEC producers could, in theory, add more&nbsp;supply, but have yet to do so.

The OPEC-led&nbsp;supply&nbsp;curbs have largely cleared an inventory surplus in industrialised countries based on the deal's original goals, and stocks continue to decline.

US&nbsp;crude stockpiles are forecast to have declined by 2.8 million barrels last week, a third straight weekly fall. The American Petroleum Institute's inventory report for the period is due at 2030 GMT.

Limiting the upward pressure on prices is rising&nbsp;supply&nbsp;in the United States, where shale production is forecast to hit a record high in June.

Crude oil is trading at the highest since late 2014, underpinned by a supply-cutting deal among the Organization of the Petroleum Exporting Countries plus Russia and other non-members, and strong global demand

Oil rose towards $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply. Crude is trading at the highest since late 2014, underpinned by a supply-cutting deal among the Organization of the Petroleum Exporting Countries plus Russia and other non-members, and strong global demand. Brent crude, the global benchmark, rose 54 cents to $79.76 a barrel by 1221 GMT. Last week, it topped $80 for the first time since November 2014. US crude was up 31 cents at $72.55, having earlier traded at $72.72, its highest since November 2014. "The solid global economy, selected supply disruptions and the upbeat market mood in particular in oil frame a positive environment," said Norbert Ruecker, head of commodities and macro research at Julius Baer. The US government imposed new sanctions on Venezuela following Sunday's re-election of President Nicolas Maduro, a move that analysts say could further curb the country's oil output already at its lowest in decades. "We can expect continued falling Venezuelan production," said Tony Nunan, oil risk manager at Mitsubishi Corporation in Tokyo. Concern about a potential drop in Iranian oil exports following Washington's exit from a nuclear deal with Tehran and the threat of US sanctions is also supporting prices. On Monday, the United States hardened its approach to Iran. Venezuela and Iran are members of OPEC, which with its allies has curbed production since January 2017 to get rid of a supply glut that in mid-2014 led to a price collapse. Due in part to the involuntary drop in Venezuela's output, OPEC is over-delivering on the agreement. Saudi Arabia and other major OPEC producers could, in theory, add more supply, but have yet to do so. The OPEC-led supply curbs have largely cleared an inventory surplus in industrialised countries based on the deal's original goals, and stocks continue to decline. US crude stockpiles are forecast to have declined by 2.8 million barrels last week, a third straight weekly fall. The American Petroleum Institute's inventory report for the period is due at 2030 GMT. Limiting the upward pressure on prices is rising supply in the United States, where shale production is forecast to hit a record high in June.

Oil rises towards $80 as supply concerns mount

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