The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.  EnergiesNet ” Latin America & Caribbean web portal with news and information on Energy, Oil, Gas, Renewables, Engineering, Technology, and Environment.– Contact : Elio Ohep, editor at  EnergiesNet@gmail.com +584142763041-   The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.
10/07 Closing Prices  / revised 10/08/2024 08:57 GMT | 10/07   OPEC Basket $78.50 +$0.84 cents | 10/07    Mexico Basket (MME)  $71.94 +$2.61 cents 08/31 Venezuela Basket (Merey)  $62 15   +$1.66 cents 10/07 NYMEX Light Sweet Crude $77.14 +$2.76cents | 10/07 ICE Brent Sept $80.93 +$2.88 cents | 10/07 Gasoline RBOB NYC Harbor $2.1538 +0.0580 cents | 10/07 Heating oil NY Harbor  $2.3962 +0.0835 cents| 10/07 NYMEX Natural Gas $2.746 -0.108 cents| 10/04 Active U.S. Rig Count (Oil & Gacs) 585 -2 | 10/08 USD/MXN Mexican Peso 19.3203 (data live) 10/08 EUR/USD  1.0991 (data live) | 10/08 US/Bs. (Bolivar)  $37.03970000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch

Boosting Venezuelan Output Requires ‘Significant Investment,’ EIA Says – OPIS

Oil production in Lake Maracaibo, Venezuela (Reuters)
Oil production in Lake Maracaibo, Venezuela (Reuters)

Reporting by Steve Cronin, OPIS

NEW YORK
EnergiesNet.com 10 23 2023

While the Biden administration’s easing of sanctions on Venezuela could increase in the country’s crude oil production by the end of the year, the poor state of its oil infrastructure means the gains will likely be less than 200,000 b/d over the next year and any additional increases will take longer and require significant new investment, the U.S. Energy Information Administration said Monday.

The administration’s Oct. 18 move lifted most sanctions on Venezuela’s energy sector for six months and could lead to the resumption of U.S. imports of heavy, sour crude. Several refineries in the U.S. are configured to process the sour crude, which has seen rising prices following production cuts by OPEC and its allies that disproportionally impacted heavy crude supplies.

Venezuela has been under U.S. sanctions since early 2019 following a disputed presidential election, which stopped imports of oil from the country. Those imports had been declining in recent decades, as Venezuela’s oil industry declined.

Venezuelan crude production, which had been about 3.2 million b/d in 2000, fell to 735,000 b/d in September 2023, according to EIA. Similarly, U.S. imports from Venezuela fell from 1.3 million b/d in 2001 to about 510,000 b/d in 2018.

In November, the administration granted waivers allowing Chevron Corp. to resume exporting crude from its joint venture in Venezuela. Those exports started in January and totaled about 153,000 b/d in July, EIA said.

Chevron’s exports go to Gulf Coast refineries. Any additional U.S. imports of Venezuelan oil will also likely head to the Gulf. Citgo Petroleum Corp., which is owned by Venezuela’s national oil company, operates three refineries in the U.S.–Lemont, Ill.; Lake Charles, La.; and Corpus Christi, Texas. The refineries have a combined capacity of more than 800,000 b/d and are designed to process heavy oil, EIA said.

One way lifting of sanctions will lead to an increase in production is by increasing Venezuela’s supply of diluent. Shortages of the material, necessary to process heavy oil, has reduced Venezuelan output, EIA said.

Chevron should also be able to ramp up its output in Venezuela to an average 200,000 b/d by the end of 2024, the agency said. Similar ventures operated by ENI, Repsol, and Maurel & Prom could add 50,000 to their output in the short term.

Together, EIA said all the ventures could increase Venezuelan output to about 900,000 b/d by the end of next year.

After that, increases will be more difficult to come by, the agency said.

“Years of underinvestment and mismanagement of Venezuela’s energy sector will likely limit crude oil production growth to less than 200,000 b/d by the end of 2024, requiring more time and investment for additional growth,” EIA said.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

–Reporting by Steve Cronin, scronin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

marketwatch.com 10 23 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.