• 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
  • 10 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
Can China Help Africa Become a Clean Energy Powerhouse?

Can China Help Africa Become a Clean Energy Powerhouse?

China's investment in Africa's clean…

Venezuela's Oil Production Crippled By Another Power Outage

According to unnamed sources who spoke to Reuters, a power outage this week stopped operations at the Petropiar crude upgrader that PDVSA runs via a joint venture with Chevron. Separately, PDVSA postponed the restart of the Petromonagas and Petrocedeno facilities because of depressed oil prices.

Petromonagas is a joint venture of PDVSA with Rosneft, which earlier this year sold all its interests in Venezuela to a newly formed state firm called Roszarubezhneft. Petrocedeno is a partnership between PDVSA, French Total, and Norway’s Equinor.

A fourth upgrader in the Orinoco Belt, Sinovensa, was also halted this week and later restarted, according to the Reuters sources, but at a reduced rate of just 72,000 bpd.

Crude oil upgraders are facilities where extra heavy oil of the type that is produced in Venezuela’s Orinoco Belt is mixed with lighter hydrocarbons to make it liquid and easier to transport.

The upgrader problem is the latest in a string of events that suggest Venezuela’s production, which already has fallen to some 700,000 bpd, will likely fall further, especially if prices stay at current levels.

The country is in the grips of a major gasoline shortage as refineries are unable to operate at run rates higher than 10 percent because of a shortage of diluents necessary for the production of fuels as well as an urgent need for repairs.

What’s more, the only two U.S. oil companies allowed to continue doing business in the Latin American nation were last month ordered by Washington to pack up and get out, which puts a question mark over the future of the Petropiar joint venture and means more oil production declines.

Amid all this, President Maduro once again reshuffled the government, appointing the former Minister of Industries and National Production Tareck El Aissami as the new oil minister.


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