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On Monday last week, two plants that are the part of the largest oil refinery in Paraguana in Venezuela, have suspended their work because of the blackout.

Another power outage in the Bolivarian Republic occurred on Sunday night, July 7, as a result of which the Amuay and Cardon refineries were left without electricity.

In the meantime, the United States again flared threats against Iran for new sanctions. The reason - Iran enriches uranium at a level that exceeds the terms of the agreement. Experts believe that now Tehran should expect an increase in pressure and not only from the economic side. For example, on the eve of the players of the men's national team of Iran in volleyball, they spent 4 hours at the Chicago airport and left the incident without explanation.

In China last week there was an increase in the excess domestic supply of gasoline against the background of production growth. Domestic gasoline supplies increased after the end of 2018, Hengli Petrochemical launched its oil refinery complex.

Gasoline production in China in the first five months of 2019 amounted to about 59.13 million tons, which is 1.85 million tons or 3.23% more than in the same period last year. At the same time, the production of diesel fuel decreased by 6.59 million tons, or 8.87%, to 67.73 million tons.
However, domestic gasoline demand growth has slowed since 2018. In the same year, car sales showed a negative growth and still remain at this level. Demand has also been influenced by the growing popularity of electric vehicles.

Throughout the week, oil prices continued to rise in price, including due to the storm warning in the Gulf of Mexico, which resulted in the evacuation of oil workers from drilling rigs. Oil production in the Gulf has already fallen by a third, by more than 600 thousand barrels per day, gas by almost 500 million cubic meters per day. In the USA, commercial stocks of oil in warehouses have been decreasing for almost a month. According to the latest data from the Ministry of Energy, they fell by 9.5 million barrels per week, almost 3 times more than expected.

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