Venezuela’s oil exports last month fell to the lowest level since October 2020 as repairs at the country’s main oil port added to delays shipping cargoes, documents from state-run PDVSA and vessel tracking data showed.
Exports from the U.S.-sanctioned country were recovering this year following a pact with Iran that provided a stable supply of diluents needed for producing exportable grades and lighter crudes for making refined products.
But shipping delays linked to oil quality issues, port maintenance that shut Jose port's two largest berths, and slower authorizations for vessels to set sail reversed the trend last month, the documents and data showed.
Two of PDVSA’s four upgraders, which turn its extra heavy crude into exportable grades, also were temporarily shut due to outages since April, the documents showed.
PDVSA, its joint ventures and other state companies shipped a total of 21 cargoes in May, carrying an average of 391,452 bbl/d of crude and fuel, a 49%-fall from April and 34% below exports of the same month last year.
Most cargoes headed to Asia, while allies of President Nicolas Maduro’s administration, including Iran and Cuba, also received Venezuelan crude and fuel.
The May exports included 103,500 bbl/d of fuel oil to Asia and the Middle East. Venezuela also shipped about 135,000 metric tonnes of petroleum coke and methanol, below the 242,000 tonnes of the previous month.
Recommended Reading
Exxon Pairs Record Pioneer Output with Record Legacy Permian Volumes
2024-08-02 - After closing a $63 billion acquisition of Pioneer Natural Resources, Exxon is the largest producer in the Permian Basin—and the entire U.S.
Go Long: Exxon, EOG Extend Permian Laterals, Lead US Onshore Drilling
2024-09-05 - When it comes to drilling in U.S. onshore basins, no other operators are drilling more than Exxon Mobil and EOG Resources, according to Enverus data.
Beyond the Horizon: Exploring the Permian’s Longest Laterals
2024-07-17 - Horizontally drilled lateral wells are all the rage in the Permian Basin. Let’s take a look at the 10 longest wells drilled in the Basin.
2Q Upstream M&A Tops $30B as Deals Hit Utah, Eagle Ford, Bakken
2024-07-30 - A historic run of U.S. upstream M&A transactions continued unabated during the second quarter, according to Enverus data.
Occidental Clears FTC Scrutiny to Close $12B CrownRock Deal
2024-07-18 - The waiting period for Occidental’s $12 billion acquisition of CrownRock LP under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, clearing the way for the deal to close next month.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.