Offshore oil rig Another week kicks off with oil under the influence of OPEC and producer rhetoric. As prices fell below the psychological support at $50/bbl, hark, here are five things to consider in oil markets today: 1) Venezuelan President Nicolas Maduro was in Saudi Arabia yesterday to discuss oil market stability , while scrutiny of his country’s economic situation increases, and bankruptcy fears rise . As our ClipperData illustrate below, 60 percent of Venezuela’s oil exports go to three countries: the U.S., China and India. While flows to the U.S. make sense, not only given its proximity, but given how the sophisticated refineries on the U.S. Gulf coast are able to refine Venezuela’s heavy crude. Citgo’s Corpus Christi and Lake Charles refineries on the U.S. Gulf further solidify crude flows betwixt the two nations. The U.S. has been the destination for just under a third of Venezuela’s crude […]