Norbolsa | The price of Brent has fallen 1.3% in two sessions and dropped below $60/b after Trump announced his plan to sell 30-50 million barrels of blocked Venezuelan oil to the US ($2.8 billion). On the other hand, it is likely that Trump will meet with American oil companies on Friday to discuss entry and investment in Venezuela. While the market believes that reviving the sector in Venezuela will be costly in terms of time and investment, Trump believes it can be done more quickly.
The volumes would represent around 30-50 days of crude oil production prior to the partial American blockade, greatly reduced from its peak after decades of lack of investment, with Venezuelan crude currently accounting for just 1% of global supply.
