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AlwaysFree: Venezuela’s Crude Oil Exports Down In November: Data

Author: SSESSMENTS

Venezuela’s crude oil exports fell in November amid quality and infrastructure issues, Reuters reported, citing ship-tracking data and internal figures from PDVSA. The state-owned company and its joint ventures exported 572,567 bpd of crude and refined products last month, down about 2% from a year earlier and nearly 20% from a peak of 711,000 bpd in October. PDVSA’s exports averaged 640,000 bpd in the first quarter, 642,000 bpd in the second quarter, and 591,000 bpd in the third quarter.

PDVSA began importing Iranian condensate in the second half of the year to dilute its extra-heavy crude and raise oil output to meet both export and domestic demand. However, it resulted in excess water in some export grades, which created loading delays. At the same time, constant arrivals of Iranian condensate means reduced export capacity, leading to an inventory build.

In contrast, PDVSA’s crude output increased to a peak of 904,000 bpd in November and averaged approximately 830,000 bpd during the month. That marks the highest level since early 2020. Lower exports and higher production prompt PDVSA’s storage to be filled quickly.  According to the report, the company had to use floating storage for diluted crude.

Tags: AlwaysFree,Americas,Crude Oil,English,Latin America

Published on December 3, 2021 12:10 PM (GMT+8)
Last Updated on December 3, 2021 12:10 PM (GMT+8)