No 4



Venezuelan Capacity Will Be Reduced By Strike, Says IEA

The shutting in of oil wells by striking PDVSA workers will result in some permanent loss of Venezuelas crude production capacity, according to the IEA. In the monthly Oil Market Report of 17 January, the agency warns: Low pressure reservoirs such as those in Venezuela suffer more from being shut in than higher pressure ones. Some fields will take at least one or two months to return to previous production...