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Analysts say a rise in oil prices is good for the country that sank into recession past year as a result of sharp dip in oil prices.

USA shale producers have cut back on production, while crude imports in the US over the past four weeks are down 7.5% from a year ago and tanker tracking data indicate a decline in Saudi crude shipments.

The oil price has risen 20% so far this year, yet most of that increase materialised in early January, before the imposition of USA sanctions on Venezuela's energy sector.

Compliance by non-OPEC participants was only 25 percent, however, it said.

Given OPEC-kingpin Saudi's depth of relationship with Unites States, one of the recent evidences of which could be a Central Intelligence Agency cover-up of Saudi Journalist Jamal Khashoggi's high-rated murder on Saudi Crown Price, Mohammed bin Salman's order, OPEC was expected to give a cold shoulder to Maduro's call, multiple analysts commented following the reveal of OPEC response.

The country's average heavy crude price was also reported to be $56.29 since beginning of 2019 up to the report's publishing day.

Brent oil jumped to an 8-day high of $63.32 per barrel yesterday after the Organization of the Petroleum Exporting Countries (OPEC) said that it had cut its output by nearly 800,000 barrels per day in January to 30.81 million barrels per day.

The IEA noted that new USA sanctions announced in January on Venezuela's state oil company PDVSA have not so far caused market jitters.

OPEC cut output by nearly 800,000 bpd in January to 30.81m bpd.

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"So far, there are no signs that other producers, e.g".

The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day.

Venezuela has tried to find alternative customers, especially in Asia, but under USA pressure many buyers there are also shying away from dealing with PDVSA.

Production in March would be 1.2 million bpd lower than Saudi Arabia's November output, which was an all-time high.

The U.S. administration likely calculated any fallout from sanctions on oil prices would be small given the limited volumes of crude involved and the expectation that the standoff would be resolved quickly.

While the region, which accounts for about half of the world's refining capacity, is still able to source oil, it's becoming harder to get hold of the grades of crude that many Asian refiners prefer. Venezuela announced that it would sell more oil to India.

While US crude production is expected to grow by an amount that exceeds Venezuela's current output, the IEA warned that quantity is not the only important issue.

John Kemp is a Reuters market analyst.