• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 3 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 1 hour China's Blueprint For Global Power
  • 6 hours IMO 2020:
  • 7 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 15 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 12 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 15 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 43 mins Brexit agreement
  • 8 hours Deepwater GOM Project Claims Industry First
  • 15 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 18 hours Why don't the other GOP candidates get mention?
  • 17 hours Bloomberg: shale slowing. Third wave of shale coming.
Tesla's 5 Most Inspiring Inventions

Tesla's 5 Most Inspiring Inventions

While Elon Musk garners most…

Oil Prices Jump On A Lone Piece Of Bullish News

Oil Prices Jump On A Lone Piece Of Bullish News

Oil prices rose on Wednesday…

EIA: Venezuela Oil Sanctions Unlikely To Significantly Impact U.S. Refiners

refining

The U.S. sanctions on Venezuela’s oil industry and state oil firm PDVSA are unlikely to have a significant impact on the refinery runs of the U.S. refiners, the Energy Information Administration (EIA) said in an analysis this week.

U.S. imports of crude oil from Venezuela have been falling in recent years, and U.S. refiners have been replacing heavy crude from Venezuela from heavy crude grades from other sources, the EIA said.

Last week, the U.S. imposed sanctions on PDVSA to “help prevent further diverting of Venezuela’s assets by Maduro and preserve these assets for the people of Venezuela,” Secretary of the Treasury Steven T. Mnuchin said.

Those sanctions will essentially eliminate U.S. imports of Venezuelan crude oil as the full effects of the sanctions emerge, the EIA said, but noted that it doesn’t expect “any significant decrease in U.S. refinery runs as a result of these sanctions.”

Imports of crude oil from Venezuela are still a significant portion of the U.S. Gulf Coast imports, but they have been falling in recent years due to the collapsing Venezuelan oil production. Gulf Coast imports of Venezuelan crude oil fell to an average of 498,000 bpd between January and November 2018 from an average of 618,000 bpd in the first 11 months of 2017, the EIA said.

Out of the 14 U.S. refineries that imported crude from Venezuela last year—12 of which in the Gulf Coast—imports in January-November declined by 129,000 bpd compared with the same period in 2017. While imports from Venezuela declined, imports from Canada and Mexico to these refineries rose by 113,000 bpd and 48,000 bpd, respectively, from 2017 levels, the EIA has estimated.

“Moving forward, refineries may also choose to run lighter crude oils because transportation constraints may limit the availability of heavy crude oils,” according to the EIA.

Refiners with large capacity to process asphalt and road oils, for which Venezuela’s heavy crude is well-suited, may find it harder to procure adequate replacement, but these refiners have also cut imports from Venezuela recently, the EIA noted.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play