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 Venezuela's oil production sank to a new long-term low in March due to power blackouts and U.S. sanctions, according to OPEC’s latest monthly report that was released on Wednesday. Venezuela told OPEC that it pumped 960,000 bpd in March, which was a decrease of almost 500,000 bpd from February’s level.

the U.S. EIA reported on Wednesday. During the week to April 5, commercial inventories of crude oil in the U.S. rose by 7 mil bbls to 456.6 mil bbls – its highest since November 2017 – which far exceeded expectations for 2.3-mil-bbl gain.

In OPEC producer Libya, fighting continued on the outskirts of the capital Tripoli between military forces originating from the country’s east and troops loyal to the internationally-recognised government based in Tripoli. The Libyan National Army (LNA) led by Khalifa Haftar continued to advance on Tripoli, and were last reported to be holding positions in the suburbs about 11 km south of the city centre. The U.N. Security Council met behind closed doors on Wednesday with Secretary-General Antonio Guterres, who told reporters afterward that "we have a very dangerous situation and it is clear that we absolutely need to stop it … to avoid the worst, which would be a dramatic, bloody battle for Tripoli." France on Wednesday blocked an EU statement that called on Khalifa Haftar to halt his offensive against Tripoli, Reuters reported citing its diplomatic sources. France, which has oil assets in eastern Libya, has provided military assistance in recent years to Haftar in his stronghold in the east of the country, Libyan and French officials say. Italy, another big player in Libya's oil sector, has supported the U.N.-backed Prime Minister Fayez al-Serraj, whose government is based in Tripoli.

The energy minister of the United Arab Emirates expressed his view on Wednesday that Russia is committed to its agreement with OPEC to reduce oil supply, and will not raise output unless done in coordination with OPEC. Suhail bin Mohammed al-Mazroui told a conference that "Russia will not increase its output unless in coordination with the rest of OPEC and OPEC+ countries," adding that "I believe in the wisdom of Russia, and I believe that Russia has benefited from this agreement ... I don't see any reason for Russia not to continue with us." Al-Mazroui also said that compliance with pledges to cut supply by both Russia and Iraq has increased in March, and that he expects the oil market to achieve balance by the end of 2019.