February 27, 2019 6:20 PM
Updated February 27, 2019 6:41 PM
Ships loaded with more than eight million barrels of oil, worth more than 500 million dollars, are detained in the Venezuelan coasts due to the closure of access to the world oil market to Nicolás Maduro, the news channel informed DW
Financial sanctions and oil restrictions imposed by the government of Donald Trump to Maduro may have influenced a rise in the price of the Brent barrel, which increased 1.76% this Wednesday, as explained by José David Navarro, an economist, although He clarified that the main aspect of the increase in the price of crude oil is the cut in production made by the Organization of Petroleum Exporting Countries.
"Washington was already aware of the dependence of Venezuela's oil and had initiated a process to get rid of these resources," Navarro said.
The price of the Brent oil barrel for delivery in April ended today in the London futures market at $ 66.42, which is 1.76% more than at the end of the previous session, Efe reported.
The oil of the North Sea, a reference in Europe, concluded the day in the International Exchange Futures with an increase of $ 1.15 compared to the last negotiation, when it closed at $ 65.27.
The price of European crude progressed after knowing that US reserves fell 8.6 million barrels last week, while analysts expected an increase of around 2.8 million barrels.
The plans of the Organization of Petroleum Exporting Countries (OPEC) to continue with the production cuts and the possible consequences on the offer of sanctions on Venezuela also boosted the price.
With information from Efe
The 'black gold' drifting
Ships loaded with more than eight million barrels of oil and without knowing where to go because they have no buyer. It's about 500 million dollars floating in the sea. How does this affect the oil market?# economyDW / e pic.twitter.com/lv2CLWnR2p
– DW Spanish (@dw_espanol) February 27, 2019