Diluted Crude Oil News

A 655,000-barrel cargo of Venezuelan heavy crude chartered by a unit of Italy's Eni SpA departed on Friday from a port operated by state-run PDVSA, shipping data showed, marking Venezuela's first export to Europe after a three-month pause.Eni and Spain's Repsol SA last year received U.S. authorizations to take Venezuelan oil to Europe as compensation for outstanding debt in an easing of American sanctions on Venezuela's oil industry.But the shipments were allocated intermittently last year. And so far this year most Venezuelan crude exports have been halted during a sweeping audit by new PDVSA boss Pedro Tellechea, who revised contract terms to avoid a series of failed payments by some customers.The Greece-flagged Aframax tanker Minerva Alexandra…

Venezuela's oil exports fell 8% in April from the previous month amid continued delays linked to poor-quality crude grades and insufficient oil upgrading capacity available, according to documents and vessel monitoring data on Thursday.U.S.-sanctioned Venezuela recovered a portion of lost production last year, but crude shipments have been volatile, bouncing some 200,000 barrels per day (bpd) in the space of a few months as its ability to turn its extra-heavy oil into exportable grades has waxed and waned.State-run oil firm PDVSA and its joint ventures exported an average of 644…

Venezuela's oil exports plummeted in January to the lowest level since September amid loading bottlenecks caused by returned and rescheduled crude cargoes, according to internal documents from state-run PDVSA and tanker tracking data.Even as the company and its joint ventures are receiving a stable supply of diluents from Iran that has allow it to increase production, they have struggled to export those volumes because of crude quality issues and the poor condition of storage tanks and port berths.An average of 416…

An Iranian supertanker carrying about 2 million barrels of condensate this week began discharging at Venezuelan state-run oil company PDVSA's main oil port, according to a company document and tanker tracking services.PDVSA and state-run National Iranian Oil Company (NIOC) in the second half of last year started a swap deal to exchange Iranian condensate for PDVSA's heavy crude. The pact has proven to be key for sustaining Venezuela's oil output, which needs diluents including condensate for transportation and exports.Last year, the two state companies that are under U.S. sanctions exchanged some 4.82 million barrels of condensate for 5.55 million barrels of heavy crude, mostly transported in Iran-flagged vessels.

Venezuelan state-run oil firm PDVSA this week will resume exports of diluted crude oil (DCO) for the first time in nine months, according to a document seen by Reuters.Since U.S. trade sanctions were imposed on PDVSA in 2019, a lack of diluents, especially heavy naphtha, has hurt its ability to produce exportable grades from its largest production region, the Orinoco Belt. Its extra heavy oil must be diluted with naphtha or condensate for transportation and exports.A key swap…

PDVSA expects to reopen the south dock of Venezuela's main oil port Jose by the end of September, easing strains on crude exports delayed due to a tanker collision last month, according to internal trade documents from the state-run oil firm seen by Reuters.Last week, PDVSA began diverting tankers to Puerto la Cruz for loading, but the South American country's crude exports have remained slow in recent weeks as few customers have accepted the 500,000-barrel-per-cargo maximum neighboring terminals can handle.Besides Puerto la Cruz…

Venezuela's crude exports to the United States declined to 494,400 barrels per day (bpd) in July after rising the prior three months, showing the impact of asset seizures against state-run oil firm PDVSA, according to Thomson Reuters data.July was the first month crude exports fell below 500,000 bpd since the months of January through March.U.S. oil producer ConocoPhillips in May began seizing PDVSA's overseas assets in an attempt to collect on a $2 billion arbitration award.

Venezuela's state-run oil company PDVSA has launched tenders to sell on the open market up to four cargoes of heavy crude for March delivery at its Jose and Puerto Miranda terminals, according to document seen by Reuters on Monday. * Payment must be made in euros three days before the loading window, according to the tender's terms. The TJP crude must be exported to the U.S. West, East or Gulf Coasts, Northwest Europe or the Mediterranean. * Bids will be accepted through Feb. * PDVSA earlier this month offered to sell 2 million barrels of diluted crude oil (DCO), also for March delivery.

Venezuelan crude oil sales to the United States rose nearly 4 percent in May to 762,000 barrels per day (bpd) after declining since January amid falling output and delays at the country's main oil port, according to Thomson Reuters data on Tuesday. The United States last month received 47 cargoes of Venezuelan crude, a 3.7 percent increase versus the previous month, but still a 2 percent decline versus May 2015, according to trade flows data made with preliminary figures. A larger number of shipments of diluted crude oil (DCO) and Merey blend received by PDVSA's customers, including its refining unit Citgo Petroleum, Valero Energy and Phillips 66, contributed to the growth.

Exports of Venezuelan crude to the United States fell almost 7 percent in March versus the same month of 2015 to 793,581 barrels per day (bpd), according to Thomson Reuters Trade Flows data, affected by delays at the country's main oil port. Even though the sales recovered versus the previous two months, when they hit record lows, the increase was not enough to reach last year levels. State-run oil company PDVSA and its joint ventures sent 52 crude cargoes to the United States last month, according to the data, made with preliminary figures. PDVSA's refining unit, Citgo Petroleum, was the main receiver, along with Valero Energy , Phillips 66 and Chevron Corp.

Venezuelan crude exports to the United States declined 10 percent in September versus the previous month due to lower sales of heavy and medium grades to some of regular customers, according to Reuters trade flows data and PDVSA trade documents. State-run oil company PDVSA and its joint ventures sent 44 crude cargoes to the United States last month carrying 724,230 barrels per day (bpd), compared with 807,065 bpd in August. Sales of diluted crude oil (DCO) made with naphtha rose again to 348,200 bpd, from 311,130 bpd in August, but the increase was not enough to offset an export decline to regular clients including PDVSA's refining unit Citgo Petroleum, Motiva Enterprises, Phillips 66 and PBF Energy's Chalmette refinery.

Sales to the United States of new Venezuelan crude blends made with imported oil nearly doubled in January to 176,000 barrels per day (bpd), but the rise was not enough to offset a decline in total oil shipments, according to Reuters trade data. Venezuela's state-run company PDVSA started buying Algerian light crude in October from Sonatrach to use it as diluent for its own extra heavy oil output. China and the United States have been receiving cargoes of the new blends since then, but disagreements over terms of the Algerian oil sales have caused PDVSA to halt the purchases, according to industry sources. PDVSA and its joint venture partners sent 736,000 bpd of crude to the United States last month, down 10.5 percent from December.

Venezuela's state-run PDVSA has put on hold its plans to export diluted crude oil (DCO) in October as the company reviews production costs that have risen on imports of costly naphtha that it uses to mix with its extra heavy crude, traders told Reuters on Friday. The move comes as the company scrambles to cut costs to partially solve its well-known cash flow problems. Reuters reported on Wednesday that PDVSA is considering importing Algerian Saharan Blend light crude instead of costly naphtha that it has been buying since 2013 to use for its blends. One of several sources who was told of the halt by the company said it might also try to raise DCO prices to better offset import costs. "Sales of DCO are suspended, but PDVSA said it won't stop production of these crudes.

PetroJunín, joint venture formed by PDVSA (60%) and Eni (40%),  has started production from the Junín-5 giant heavy oil field, located in the Faja del Orinoco, the area with the largest untapped hydrocarbon reserves in the world. The block is located 550 kilometers southeast of Caracas and covers an area of approximately 425 square kilometers. The Junín-5 block, currently under development, holds 35 billion barrels of oil equivalent (boe) of certified oil in place and is jointly…