Venezuela says easy peasy

[Rodent + 1,424]

Venezuela is saying it will be no problem to raise its production by 1 million bpd. They say this as their production continues its freefall, mind you.

 

[Carlsbad + 19]

as everyone else is eyeing another shortage setback in Venezuela, to boost oil prices to a predicted $80

[Addy + 14]

I'm not holding my breath for Venezuela's production to increase by 1mbpd--Iraq would be screwed if that were the case, because I think OPEC would pressure Iraq to comply if Venezuela wasn't offsetting. Right now, OPEC's compliance is petty high, so they can say they're doing their job.