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Sanctions Lift Would Boost Venezuelan Oil Exports to the US – Bloomberg

The Petroleos de Venezuela SA Amuay oil refinery at the Paraguana Refinery Complex in Punto Fijo, Falcon State, Venezuela.(Betty Laura Zapata/Bloomberg)
The Petroleos de Venezuela SA Amuay oil refinery at the Paraguana Refinery Complex in Punto Fijo, Falcon State, Venezuela.(Betty Laura Zapata/Bloomberg)

Lucia Kassai, Bloomberg News

EnergiesNet.com 08 28 2023

Sanctions relief could boost Venezuelan production to just short of 1.1 million barrels a day by the end of 2024, with most of those barrels coming to the US, according to Rapidan Energy Advisors.

US imports of Venezuelan crude are currently around 150,000 barrels a day, compared with more than 500,000 daily barrels before sanctions throttled the Latin American nation’s exports. Talks between the US and Venezuela to temporarily ease those restrictions could see a revival in those shipments.

“The US is the natural destination for Venezuelan exports,” said Fernando Ferreira, director of geopolitical risk at Rapidan Energy Advisors. “It’s not only the closest market, but complex Gulf refineries are also ideally configured to process Venezuelan crude.”

A production boost in Venezuela, which currently pumps around 800,000 barrels a day, would also ease the tightening market for sour crudes. While oil futures have been weighed down by the prospect of more supply from sanctioned nations including Venezuela and Iran, output cuts by major exporter Saudi Arabia have raised prices for heavier sour oils. 

bloomberg.com 08 25 2023

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