• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 19 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 day Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 12 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 1 hour CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 21 hours NordStream2
  • 52 mins OPEC+ Expects Large Oil Glut In Early 2022
  • 3 hours Ukrainian Maidan after 8 years
  • 16 mins Forecasts for Natural Gas
  • 3 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 21 hours Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
Oil Prices Projected To Hit $125 In 2022

Oil Prices Projected To Hit $125 In 2022

JP Morgan analysts believe that…

Big Oil Is Fighting For Clean Fossil Fuels

Big Oil Is Fighting For Clean Fossil Fuels

While much has been made…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Venezuela Main Oil Port Shuts Down Amid Blackout

Venezuela’s largest oil-exporting terminal Jose is not working after a power outage that happened on Monday. Reuters reports the port has yet to resume normal operations, noting the last vessel to leave Jose did so on Sunday, bound for Russia.

“There is no electricity, everything is paralyzed,” a workers’ union leader told Reuters. School and work in Caracas were cancelled following the blackout, which was the second for the country in four weeks.

The first one was severe: it plunged the country into chaos and darkness, with no water supply in many parts of Venezuela. The Maduro government blamed the outage on a U.S. cyberattack while the opposition-dominated National Assembly decreed a suspension of oil exports to Cuba as the oil could be used better at home.

Like the first blackout, the second one shut down not just the Jose oil port but also crude oil upgraders that process heavy crude at the field into light crude. According to Reuters’ sources, this second outage, like the first one, was the result of years of neglect and underinvestment. This time, the outage affected several transmission lines, the sources said.

PDVSA, Venezuela’s battered state oil company, operates a total of four bitumen upgraders in the Orinoco Belt where most of its crude oil reserves are concentrated. It does so via joint ventures with Rosneft, Equinor, Total, and Chevron. The four facilities together have a capacity of 700,000 bpd of the extra heavy Venezuelan crude.

Restoring normal operation at the port of Jose is essential for PDVSA, whose production has fallen sharply since January when the U.S. slapped a new round of sanctions on Venezuela. Despite the fall, it needs to keep shipping crude to China and Russia under a set of loan deals that require it to repay the funds supplied by these two countries in oil.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News