Export of crude from Venezu­ela goes down due to massiv­e power outage­LONDON: Oil rose to around $67 a barrel on Tuesday, supported by Saudi Arabia’s plan for further voluntary supply curbs in April and a cut in oil exports from Venezuela due to a power outage. Saudi Arabia, seeking to drain a supply glut and support prices, plans in April to keep its oil output well below the level required of it as part of an OPEC-led supply cutting deal, a Saudi official confirmed on Monday. Brent crude, the global benchmark, rose by $0.57 to $67.15 a barrel at 1305 GMT. “This shows Saudi Arabia’s resolve to keep the oil market balanced by keeping oil supply tight,” said Carsten Fritsch, an analyst at Commerzbank. The first report, from the American Petroleum Institute, an industry group, was due out 2030 GMT, followed by the government’s official supply report on Wednesday.

Source: The Express Tribune March 12, 2019 15:00 UTC