Venezuela Sends About Half of Its Oil Output to U.S. Refineries
About 500,000 barrels per day of Venezuelan crude are being exported to the United States, while Venezuela continues to increase oil and fuel production.
What Readers Should Know
- More than 500,000 barrels per day of Venezuelan oil are being exported to the United States.
- Venezuela is currently producing around 1.25 million barrels per day.
- More than 100,000 barrels per day of U.S. naphtha are being moved to Venezuela.
- Venezuela’s crude output is expected to reach 1.245 million barrels per day by the end of August.
- Venezuela’s fuel production has increased 12.9% so far this year.
MONTREAL (Oil Monster): About half of Venezuela’s oil output is now being exported to the United States, U.S. Energy Under Secretary Kyle Haustveit said on Tuesday.
Haustveit said more than 500,000 barrels per day of Venezuela’s approximately 1.25 million barrels per day of production are being sent to U.S. refineries built specifically for that crude.
How U.S.-Venezuela Energy Flows Are Developing
Haustveit said more than 100,000 barrels per day of U.S. naphtha was being moved to Venezuela to aid production. The naphtha is mixed with heavier crude.
“This is a beautiful energy partnership. The distance makes sense. It’s an open market. Real value is being created on both sides of the trade. I just don’t think there’s a cleaner partnership,” he said.
Haustveit also highlighted progress in the country and said the sanctity of contracts would be respected.
What Venezuela’s Oil Sector Says It Needs
Jovanny Martinez, a vice president at Venezuela’s state oil company PDVSA, said at the same event that the United States needs Venezuela’s heavy oil grades to feed its economy.
Martinez said Venezuela’s crude output would reach 1.245 million barrels per day by the end of August. Exports from the country have risen 19.7% this year.
He said the country needs diluents for heavier grades that should be developed in Venezuela.
Venezuela Reports Higher Fuel Production
Martinez also said Venezuela’s refineries should be improved, modernized and expanded. He said the country’s fuel output has increased 12.9% so far this year, while domestic fuel supplies have increased 5.4%.
“We made a big effort for an energy reform, and now we’re looking for real results in terms of development,” Martinez said.
Venezuela Reports Natural Gas Deficit
Venezuela has a natural gas deficit of 500 million cubic feet per day, Martinez added.
Frequently Asked Questions
How much Venezuelan oil is being sent to the United States?
More than 500,000 barrels per day are being exported to the United States.
How much oil is Venezuela currently producing?
Venezuela is currently producing around 1.25 million barrels per day.
What is being sent from the United States to Venezuela?
More than 100,000 barrels per day of U.S. naphtha are being moved to Venezuela.
What is Venezuela’s expected crude output by the end of August?
Venezuela’s crude output is expected to reach 1.245 million barrels per day.
What is Venezuela’s natural gas deficit?
Venezuela has a natural gas deficit of 500 million cubic feet per day.
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Courtesy: www.reuters.com
