By Alex Longley

(Bloomberg) —

Summary of what’s shaping the oil market on Monday: Crude was steady near a two-month high on Monday, buoyed by the unfolding turmoil in Venezuela and reduced levels of OPEC output. Russian oil output fell in January.

* Officials from the U.S. Treasury have informed some companies that previously contracted cargoes won’t be exempt from a new rule blocking payments to Venezuela’s PDVSA, according to two people familiar with the matter

** France became the latest nation to recognise Juan Guaido as the Venezuela’s interim president on Monday

* Russian oil production fell to 11.4m b/d in January, and was down 42k b/d from its October level, the baseline used to measure its promised cutback

* Baker Hughes reported a reduction in the U.S. oil rig count on Friday, reversing the previous week’s increase

* The macro picture was relatively stable with equities trading little changed at the start of the week

* More Bloomberg tanker trackers are emerging, with Venezuelan exports at a 10-month low, while Libyan shipments were their lowest in 6 months.

** Iranian flows were higher last month though as South Korea and Japan made the most of waivers from U.S. sanctions

To contact the reporter on this story:
Alex Longley in London at alongley@bloomberg.net

To contact the editors responsible for this story:
Alaric Nightingale at anightingal1@bloomberg.net
Stephen Voss