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Page added on October 4, 2018

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Venezuela’s Oil Exports Are Falling Even Faster Than Expected

Venezuela’s Oil Exports Are Falling Even Faster Than Expected thumbnail

A delay in port repairs following a tanker collision is putting additional pressure on already pressured Venezuelan crude oil exports, Reuters quoted anonymous sources close to PDVSA as saying this week. It seems that Venezuela’s woes are only multiplying as time goes by, although news from official Caracas sources seems more upbeat. Oil, however, appears at the forefront of Venezuela’s plight.

A dock at Venezuela’s biggest oil port, Jose, was closed in late August after a tanker collided with it. At the time, Reuters reported that the repairs would delay the delivery of 5 million barrels of crude, destined for Rosneft, which, according to the news outlet, could put a strain on relations between the Russian company and PDVSA, which have a money-for-oil agreement. This is only the latest in PDVSA’s troubles with its oil exports.

Besides a steady decline in production, Venezuela’s state-run oil company earlier this year ran into problems with its storage capacity and export terminals in the Caribbean as U.S.-based ConocoPhillips took an aggressive approach to enforcing a court ruling that awarded it US$2 billion in compensation for the forced nationalization of two projects in Venezuela. The company this summer seized several of PDVSA’s assets on Caribbean islands, which made it difficult for the Venezuelan state company to meet its export obligations. Having few options, PDVSA eventually caved, settling with Conoco.

Dock repairs are further complicating matters. PDVSA is supposed to deliver to Rosneft some 4 million bpd of crude under the latest bilateral agreement signed this April. On top of that, it normally exports crude for U.S. Valero Energy and Chevron from the same dock, the South dock of the Jose port, which is responsible for processing processes as much as 70 percent of the country’s crude oil exports.

Not to anyone’s surprise, the delay in resuming shipments is largely a result of insufficient funds, partially thanks to U.S. sanctions, which have essentially closed nearly completely the door to foreign funding. China, not bound by these restrictions, recently agreed to a US$5-billion lifeline for the Venezuelan government and its oil industry, but these billions will take time to become available. Given the multitude of problems that PDVSA is having, it would be a tough job to allocate these funds so that there is enough for everything.

Caracas is still not giving up. Just this week the government announced the official launch of the petro on international markets in hopes of offsetting the effects of U.S. sanctions by using this oil-and gold-backed cryptocurrency. President Nicolas Maduro said at the launch that the petro would be legal tender for everything in Venezuela, including as a substitute for the dollar.

“All Venezuelans will have access to the Petro and through it to make international purchases,” Maduro said.

Venezuela also plans to boost its oil exports to China as part of plans to transform its economy and get back on its feet. To this end, it will work with Chinese oil companies to improve production. Maduro said in July that PDVSA would boost oil production by 1 million bpd from June levels by the end of the year, although he admitted that this goal would be difficult to achieve. Venezuela pumped 1.45 million bpd in August, and the year-to-date average stands at 1.544 million bpd. This is a far cry from the figure from five years ago, when its daily average was 2.9 million bpd. It’s a matter of a short time to see if the petro and Chinese money will be enough to reverse the decline in production and exports.

oilprice.com



94 Comments on "Venezuela’s Oil Exports Are Falling Even Faster Than Expected"

  1. dave thompson on Thu, 4th Oct 2018 7:53 pm 

    Venezuela is a prime example of a country being destroyed by the U$ deep state interest, mostly by the CIA.

  2. GetAVasectomyAndLetTheHumanSpecieDie on Thu, 4th Oct 2018 8:26 pm 

    Tar sands oil are net energy negative and need an outside source of energy (nuclear, hydro-electricity)to make extraction possible.

    You cannot produce tar sand oil with only the energy contain in tar sand. Since the country is collapsing hydro-electricity is becoming unreliable and cannot be used to extract tar sand oil.

    It is not a political issue, it is a net energy issue. The energy equation for the nation of Venezuela does not allow tar sand energy production. You could say the energy equation does not balance if you try to extract tar sand oil.

  3. Anonymouse1 on Thu, 4th Oct 2018 8:29 pm 

    The CIA is the go-to agency in the uSgov if your corporation or economic cartel is in need of economic hit-men, or….just hit-men. They offer those services as well.

    If you are in need of media manipulation, murder for hire, or just in need a regime toppled, you need look no further than the CIA. Mayhem for fun and profit (but mostly profit).

    And they have been quite busy of late in that besieged nation of late…..

  4. onlooker on Thu, 4th Oct 2018 8:52 pm 

    Read “Confessions of an Economic Hitman” to get the inside scoop on the dirty dealings of the CIA

  5. Cloggie on Thu, 4th Oct 2018 10:26 pm 

    Perhaps the US can invade, fight Venezolean terrarism and bring back oil output to zero.

  6. print baby print on Fri, 5th Oct 2018 12:35 am 

    GetAVasectomyAndLetTheHumanSpecieDie
    Excelent remark

  7. deadly on Fri, 5th Oct 2018 4:59 am 

    The CIA has been on the job for quite a while now. About 70 years or so now.

    Musicians have even written songs about the CIA.

    Fun stuff.

    C.I.A. Man

    The Fugs

    Who can kill a general in his bed?
    Overthrow dictators if they’re Red?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can find a counter-agent quick?
    Especially the ones, themselves, of it?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can plan a riot in Vietnam?
    Who can have the troops restore the calm?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can buy a government so cheap?
    Change a cabinet without a squeak?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can get a budget that’s so great?
    Who will be the 51st state?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who has got the secret-est Service?
    The one that makes the other service nervous?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can cypher anything with zeros?
    Not well known, but simply worth the heros.
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can take the sugar from its sack
    Pour in LSD and put it back?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can squash republics like bananas?
    Simply if they do not like their social manners?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can train guerrillas by the dozens?
    Send them out to kill their untrained cousins?
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can mine the harbors Nicaragua?
    Out hit all the hitmen of Chicag-ua.
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who can be so overtly covert?
    Sometimes even covertly overt.
    Fucking-a man!
    (Fucking-A! C-I-A!)
    CIA Man!
    Who’s the agency well-known to God?
    The one that copped his staff and copped his rod?
    Fucking-a man! CIA Man!
    Fucking-a man! CIA Man!
    Fucking-a man! CIA Man!
    CIA Man! CIA Man!
    CIA Man! CIA Man!
    CIA Man!
    C I A

  8. alain gargasson on Fri, 5th Oct 2018 7:48 am 

    Chavez and Maduro were competent enough to put the country in this situation, Venezuela received 1500 billions of dollars during this time, the CIA is a detail.
    joke of venezuelan people:
    The sardine is a whale that followed all the socialimo’s development.

  9. Free Speech Message Board on Sat, 6th Oct 2018 7:20 am 

    The elites play Americans like a fiddle.

    Americans said Clinton sucked because she likes endless war, debt, and tyranny, but Trump does, too.

    Americans say they must have a Constitution-hating Supreme Court judge or the libtards will win.

    Americans say that they love freedom, but scream guns must be banned because black people might buy them.

    If Nazis promise to cut off your right leg and Commies promise to cut off your left leg, what do you gain if you pick the winning side?

    Think.

  10. onlooker on Sat, 6th Oct 2018 11:05 am 

    Absolutely, Free Speech. The illusion of a two party system is just that. The illusion of Democracy is just that. The illusion of the US being the last best hope for humanity is just that. Many Americans believe these illusions. And the puppet masters just sit back and laugh.

  11. I AM THE MOB on Sat, 6th Oct 2018 1:52 pm 

    Onlooker

    And the puppet masters are about to be running for their lives, real soon..

    Some men just want to watch the world burn..

  12. I AM THE MOB on Sat, 6th Oct 2018 2:26 pm 

    How Nationalism works

    https://1.bp.blogspot.com/-E8k4owHxN1o/W7Z-H5moyEI/AAAAAAAABIY/UdO-l7HWCQ8o1aamJIr7SokGS6U_Y7A0ACLcBGAs/s1600/How%2BNationalism%2BWorks.png

  13. Davy on Sat, 6th Oct 2018 2:31 pm 

    Extremist like the MOB and sloppy joe can take credit for our new Chief Justice.

  14. onlooker on Sat, 6th Oct 2018 3:05 pm 

    Mob as the old adage says…They can run but they can’t hide

  15. I AM THE MOB on Sat, 6th Oct 2018 3:10 pm 

    Davy

    Nobody gives a shit what some stupid permi farmer thinks..Why dont you go grow some organic carrots you fag boy..

  16. I AM THE MOB on Sat, 6th Oct 2018 3:12 pm 

    Drain what swamp? Trump’s supporters embrace Kavanaugh, member of a class they once rebuked.

    https://www.washingtonpost.com/politics/drain-what-swamp-trumps-supporters-embrace-kavanaugh-member-of-a-class-they-once-rebuked/2018/10/06/cb7ec90a-c816-11e8-b1ed-1d2d65b86d0c_story.html

  17. Davy on Sat, 6th Oct 2018 3:35 pm 

    “Nobody gives a shit what some stupid permi farmer thinks..”

    Translation: no comment… my extremist friends and I have made fools of ourselves. People are seeing what idiots we really are. I can’t help being an idiot because it is so liberating.

  18. Cloggie on Sat, 6th Oct 2018 3:37 pm 

    WaPo is the swamp itself that is being drained as we speak. Two days ago they campigned against Kavanaughty:

    https://www.washingtonpost.com/opinions/vote-no-on-kavanaugh/2018/10/04/23495e3a-c7f3-11e8-b1ed-1d2d65b86d0c_story.html

    (editorial board!)

    Big fail again for Bezos & co.
    The dialectical race is losing big time.lol

  19. Cloggie on Sat, 6th Oct 2018 5:26 pm 

    Trump won!

    http://www.spiegel.de/politik/ausland/brett-kavanaugh-fuer-supreme-court-bestaetigt-donald-trump-triumphiert-a-1231945.html

  20. I AM THE MOB on Sat, 6th Oct 2018 5:29 pm 

    Abortion will soon be illegal..

    The baby killers will soon be brought to justice!

    LOL

  21. I AM THE MOB on Sat, 6th Oct 2018 5:30 pm 

    Clogg

    You really love anti vaxxers like Trump..And le penn and that nut from Italy..

    Dumb as dirt..

  22. Cloggie on Sat, 6th Oct 2018 5:38 pm 

    “Dumb as dirt..”

    But winning, so they can’t be that dumb.
    You are just a bad loser.

    Still want to maintain that Trump is a “neocon tool”?

    Who is dumb as dirt now?

  23. Anonymouse1 on Sat, 6th Oct 2018 6:24 pm 

    CLoggenkike asks the rhetorical question of the day:

    “Who is dumb as dirt now?”

    A: That would be a toss-up between, YOU, and I am the Davyturd.

    Really too close to call, as you both are engaged in and endless back-and-forth arms-race to out-dumbass one another. No clear ‘winner’ lol, has emerged, or is likely too, to be honest.

    You’re welcome.

  24. Davy on Sat, 6th Oct 2018 7:21 pm 

    mob is an extremist fool who was roundly defeated. His lies were exposed and now he shows his true colors as a looser.

    anone is afraid to make a real comment because I will piss on it. LOL.

    The two board millennial idiots are little more than noise makers. The real test is competent comment. Neither of the kids is capable of that. When I ask anone to say something he just whines about socks and turds. When he does comment it is quickly neutered.

  25. I AM THE MOB on Sat, 6th Oct 2018 8:31 pm 

    Lack of investments in oil production may cause further price spike

    https://www.gulf-times.com/story/608515/Lack-of-investments-in-oil-production-may-cause-fu

  26. Sissyfuss on Sat, 6th Oct 2018 8:39 pm 

    Closanostra, it’s hard to accept views from one who thinks that burning Jews can actually lower ones carbon footprint.

  27. I AM THE MOB on Sat, 6th Oct 2018 8:42 pm 

    Davy

    Are you going to build your own transition town? Maybe you can invite Kunt and Heinberg..

    Only faggots do perma culture..

  28. I AM THE MOB on Sat, 6th Oct 2018 8:46 pm 

    This site has become a dumpster fire..Thanks to Davy and clogg the two stupid old geezers who need to die soon..Why dont you go follow your generations hero “Burt Reynolds” aka smokey, into the sunset..

  29. makati1 on Sat, 6th Oct 2018 9:01 pm 

    Jealous, MOB? Or is the suicide option getting closer? You missed the best of America by about 40 years. But, you get to experience its downfall.

  30. Cloggie on Sun, 7th Oct 2018 12:14 am 

    “Closanostra, it’s hard to accept views from one who thinks that burning Jews can actually lower ones carbon footprint.”

    Who is constantly talking about burning Jews other than the world’s murderous upstart, desperate for some undeserved moral patina, to cover up what was essentially territorial conquest.

    But tell me sissypuss, you already have selected some exotic refuge for yourself, like everybody else here, or do you volunteer to go to the gulag, “after the break”? Or perhaps as a guard?

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