Global petrol prices fall after Trump statement on Venezuela

ISLAMABAD: There has been a significant decline in crude petrol prices in the global market. This decline came after US President Donald Trump’s statement on Venezuelan oil.

According to foreign news agencies, crude oil has become cheaper by more than one percent in the global market. The price has decreased to about $ 60 per barrel.

According to the report, the US President has said that Venezuela will supply the United States with large quantities of crude oil in the future. He said that 30 to 50 million barrels of oil are expected to be supplied daily. Along with this, US oil companies will also invest in the Venezuelan oil sector.

After the US President’s statement, there was an immediate reaction in the global market. The price of oil decreased by about 1.4 percent.

According to experts, if Venezuela’s stored oil comes to the market, prices could go down further. According to estimates, the total value of this oil could be up to three billion dollars.

It is also being told that Venezuela has the largest oil reserves in the world. However, oil production has been severely affected by mismanagement and corruption. Twenty-five years ago, daily production was 3.5 million barrels. Now it has fallen to just 1 million barrels. This accounts for less than 1 percent of global production.

Energy sector organizations say that it will take a long time to stabilize Venezuela’s oil industry. According to an energy consultancy, this goal will require at least 15 years and an investment of about $185 billion.