Venezuela’s oil exports last month sank to the lowest in almost a year, disrupted by a lack of diluents that led to sizable production losses at its main producing region, the Orinoco Belt, documents and tanker tracking data showed.
By Reuters – Marianna Parraga and Mircely Guanipa
Oct 4, 2021
Years of mismanagement and U.S. sanctions have curtailed state-run Petroleos de Venezuela’s ability to produce and import enough light crude and refined products to mix its extra heavy oil into exportable grades.
The shortage since August has kept the Orinoco under an emergency declared by PDVSA because of production setbacks at oilfields and blending stations, which also have created delays for shipping, according to company documents.
PDVSA and its joint ventures exported 414,000 barrels per day (bpd) in a total of 19 cargoes last month, a 34% decline from the previous month and the lowest since October 2020.
PDVSA did not reply to a request for comment.
The Orinoco’s output could bounce back soon. In late September, the Iran-flagged Dino I began discharging 2.1 million barrels of condensate to be used as a diluent by PDVSA’s Petrolera Sinovensa, Petrocedeno and Petropiar joint ventures.
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Read More: Reuters – Diluent shortage curbs Venezuela’s September oil exports, data shows
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