• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 5 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 10 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 12 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 13 days Goldman Betting on Cryptocurrencies
  • 16 days Сryptocurrency predictions

Iran Delivers Fourth Crude Condensate Cargo To Venezuela

Iran has delivered the fourth cargo of crude oil condensate to Venezuela since the start of this year, Reuters has reported, citing a Venezuelan member of parliament—but the condensate is causing PDVSA some quality issues that are hampering crude exports.

Condensate is vital for Venezuela's struggling state oil company PDVSA as it has virtually no other options of importing it amid U.S. sanctions. The superlight crude is used to blend into PDVSA's superheavy crude to make it more liquid and therefore easier to export.

The two countries—and U.S. sanction buddies—earlier this year formalized a swap deal under which Iran would continue supplying condensate to Caracas and received Venezuelan crude in return.

The deal, according to the U.S. Treasury Department, could constitute a violation of sanctions, but no steps were taken to prevent it.

Both Venezuela and Iran plan to ramp up their oil production, although Iran may have better chances of doing this if the nuclear talks with the U.S. come to fruition.

"We plan to invest $145 billion in the development of the upstream and downstream oil industry over the next four to eight years, hence I welcome the presence of domestic and foreign investors in the industry," Javad Owji, Iran's new oil minister, said earlier this year.

Venezuela, in the meantime, has been ramping up its oil exports, mainly to China and Malaysia, although the latter is usually only a stop along Venezuelan oil's trip to China. In July this year, Venezuela exported over 700,000 bpd of crude.

Since then, however, exports have fallen into trouble with the quality of the crude and infrastructure issues.

Reuters reported this week that in November, Venezuela's oil exports fell to about 570,000 bpd, as excessive water content in some export cargos caused loading delays. At the same time, the discharge of Iranian condensate is occupying essential port infrastructure, further complicating matters for PDVSA.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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