Venezuela reports collapse in oil supply, tightening global market.

In a monthly report, the Organization of the Petroleum Exporting Countries said Venezuela told the group that it pumped 960,000 barrels per day (bpd) in March, a drop of almost 500,000 bpd from February.

 

OPEC’s oil production plunges to four-year low in March as Saudis slash output

OPEC’s output fell by 534,000 bpd in March to 30.02 million bpd, according to independent sources cited by the group in its monthly report. This year, supply from the group has fallen by more than 1.5 million bpd, helping to drive international Brent crude prices 30 percent higher.

Much of the March decline is due to Saudi Arabia’s willingness to aggressively cut production. In March, the Saudis took another 324,000 bpd off the market, bringing output to just under 9.8 million bpd and delivering on Energy Minister Khalid al-Falih’s vow to pump well below 10 million bpd.

And now you know why gas prices have been going Up! Up! Up!!

John Bolton: ‘We’re not afraid to use the word Monroe Doctrine.’

“In this administration, we’re not afraid to use the word Monroe Doctrine. This is a country in our hemisphere. It’s been the objective of American presidents going back to Ronald Reagan to have a completely democratic hemisphere,” Bolton told [CNN’s Jake] Tapper. “I mentioned at the end of last year that we’re looking at the talk of tyranny. Part of the problem in Venezuela is the heavy Cuban presence. 20,000 to 25,000 Cuban security officials by reports that have been in the public. But this is the sort of thing that we find unacceptable and that’s why we’re pursuing these policies.”