06/11  Closing Prices / revised 06/12/2024 07:53 GMT 06/11 OPEC Basket  $82.36   +$1.43 cents 06/11 Mexico Basket (MME) $72.63  +$0.43  cents  | 04/30 Venezuela Basket (Merey)   $74.91   +$3.93 cents | 06/11 NYMEX WTI Texas Intermediate July CLN24 $77.90  +$0.16 cents  | 06/11 ICE Brent August  BRNQ24    $81.92  +$0.29 cents  | 06/11 NYMEX Gasoline June RBN24  $2.40  +0.1%  |  06/11 NYMEX  Heating Oil July  RBN 24    $2.42  +0.3% | 06/11 Natural Gas July NGN24  $3.12   +7.7%  | 06/07 Active U.S. Rig Count (Oil & Gas)   594  -6  | 06/12 USD/MXN Mexican Peso   18.6503  (data live)  | 06/12 EUR/USD     1.0745 (data live)  | 06/12 US/Bs. (Bolivar)   $36.43850000 ( data BCV)

Trading houses help Venezuela’s PDVSA replenish fuel stocks under US license – Reuters

Motorists line up for fuel at a gas station of the Venezuelan state-owned oil company PDVSA in Caracas, Venezuela November 2, 2018. (Marco Bello/Reuters)
Motorists line up for fuel at a gas station of the Venezuelan state-owned oil company PDVSA in Caracas, Venezuela November 2, 2018. (Marco Bello/Reuters)

Marianna Parraga, Reuters

EnergiesNet.com 12 14 2023

Trading houses that emerged as early buyers of Venezuelan crude following an U.S. easing of oil sanctions in October are now supplying state company PDVSA with motor fuels and diluents for its heavy oil production, according to documents and data.

Ahead of a presidential election scheduled for late 2024, Venezuela has begun prioritizing fuel imports to avoid a new wave of the gasoline and diesel shortages that spurred protests in recent years, according to the documents and sources.

Washington two months ago issued a six-month license that lifted most sanctions on the South American country’s oil industry, allowing exports of crude and gas to its chosen markets, and imports of fuel from almost any source. The authorization is contingent to the fulfillment of a pact to carry on a free presidential election.

PDVSA aims to replenish low inventories that had created a need for routine imports and had left the country’s stocks vulnerable to demand increases, the sources said.

The new supplies complement oil swaps previously negotiated by PDVSA with some joint ventures partners, including oil majors’ Chevron (CVX.N), Eni (ENI.MI) and Repsol (REP.MC), and deals arranged in recent years with partners including Iran.

PDVSA and Venezuela’s oil ministry did not immediately reply to a request for comment.

Motorists have intermittently faced scarcity of gasoline and diesel in Venezuela in recent years even as subsidized prices have increased. Households also resorted to alternative sources of energy amid a lack of liquefied petroleum gas for cooking.

PDVSA imported an average 54,000 barrels per day of heavy naphtha and gasoline blend stock in November supplied by Chevron and Repsol, the highest monthly figure since January.

That volume excludes imports of light oil and condensate from Iran, which have decreased in the second half of the year, according to company documents and tanker tracking data from LSEG.

This month, a similar volume of heavy naphtha has been scheduled to be received from Swiss-based trader Vitol (VITOLV.UL), according to the documents, which showed that some negotiations involve cargo swaps.

Vitol also chartered a tanker to pick up a 1 million-barrel cargo of Venezuelan heavy crude in the second half of December, the LSEG data showed.

Vitol and rival Trafigura (TRAFGF.UL) since October have bought Venezuelan crude and fuel oil from middlemen firms. Most cargoes have been shipped to China, while Eni and Chevron were recently authorized to deliver to Indian refiners, the documents and data showed.

Reporting by Marianna Parraga in Houston Editing by Marguerita Choy

reuters.com 12 12 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.

Scroll to Top