A collapse of production in Venezuela, aggressive production curtailments from OPEC+, relatively strong demand and an economy humming along – and oil prices are still sharply below the highs seen last year. To be sure, oil has bounced just about to the highest level since November, and a confluence of bullish forces seem to be pushing prices in an upward direction. But in years past, news that an oil producer like Venezuela suddenly saw production fall from over 1 million barrels per day (mb/d) down to 500,000 or 600,000 bpd overnight would have sent prices skyward. Now crude jumps by a buck or so. The reason for the ... (full story)