Turmoil in the Energy Market: Exxon Mobil Price Warning and Tightening of Sanctions on Venezuela

[79588] Turmoil in the Energy Market: Exxon Mobil Price Warning and Tightening of Sanctions on Venezuela

Energy giant Exxon Mobil is warning of a surge in oil prices to $160 a barrel due to low inventories, coinciding with a dramatic American move to tighten control over Venezuela's oil revenues.

Turmoil in the Global Energy Market: Between Supply Shortages and Political Measures

The global markets are facing growing uncertainty against the backdrop of significant developments in the energy sector, which combine concerns about physical oil shortages with assertive geopolitical moves by the United States.

Severe Price Warning from Exxon Mobil

American energy giant Exxon Mobil is warning that oil prices could soar in the near term to an unprecedented level of $160 per barrel. The company explains that the global market is approaching a breaking point and is characterized by "very, very low" inventory levels, which could lead to a tangible supply shortage and directly impact energy prices around the world.

Tightening American Sanctions on Venezuela

Parallel to the concerns in the free market, the American administration is acting to increase economic pressure on countries under a sanctions regime. According to reports based on a document published in the Spanish newspaper "El Economista," the national oil company of Venezuela (PDVSA) has been instructed to transfer its customers' fuel payments directly to the U.S. Department of the Treasury, instead of the official government accounts in Caracas.

This measure is interpreted as a significant tightening of American oversight of Venezuela's energy revenues. Iranian media outlets associated with a critical line regarding Washington's foreign policy described the move as direct "revenue confiscation" by the U.S.