• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 18 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 17 hours How Far Have We Really Gotten With Alternative Energy
  • 18 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 8 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The United States produced more crude oil than any nation, at any time.
How Iraq Continues To Trick Washington

How Iraq Continues To Trick Washington

The U.S. government has multiple…

U.S. Shale Oil Production Growth Is Slowing Down

U.S. Shale Oil Production Growth Is Slowing Down

When the illusion of unending…

Venezuela Restarts Crude Blending Operations As Upgraders Return Online

Venezuela’s state oil firm PDVSA has recently boosted its crude oil blending operations to a six-month high after some upgraders came back online, Reuters reported on Thursday, citing PDVSA documents it had seen.  

The so-called upgraders are used for blending Venezuela’s super-heavy crude to make it flow and ready for exporting.  

According to one PDVSA document seen by Reuters, the Petropiar upgrader, part of a venture with Chevron, produced 115,000 barrels of Hamaca crude on Tuesday. Another upgrader, Sinovensa in partnership with China National Petroleum Corporation (CNPC), produced 158,000 barrels of Merey crude on that day.

It was unclear how long PDVSA could sustain the upgraders operational amid a lack of maintenance and investment, as well as operational issues such as power outages.

Meanwhile, Venezuela’s crude and fuel exports hit 690,000 barrels per day (bpd) in September, Reuters reported last week, citing data from PDVSA and Refinitiv Eikon. This was Venezuela’s highest export level since April, despite the U.S. sanctions that seek to cut off oil revenues for Nicolas Maduro’s regime.

Venezuela’s exports have significantly slumped since the U.S. imposed sanctions on its crude oil exports in early 2019, essentially prohibiting U.S. refiners from buying Venezuelan crude, which was a large part of the imports of crude for U.S. Gulf Coast refiners.

U.S. sanctions have exacerbated the already dire state of the Venezuelan oil industry, which is suffering from years of mismanagement, corruption, lack of investment, and the inability of the financially weak state oil firm PDVSA to invest in new production or find customers willing to risk secondary U.S. sanctions if they purchase Venezuelan oil. 

Venezuela’s oil production and exports have been in freefall for several years, but the U.S. sanctions on its industry and exports, the crash in demand, and the COVID-19 pandemic further accelerated the decline.


By Tsvetana Paraskova 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