US sanctions keep Venezuelan output down, CVX and RIL pressured to get out

摘要

Tightening of US sanctions on Venezuela in 4Q 2019 are resulting in crude production from that South American country plateauing again around 800K b/d as export opportunities are limited resulting in onshore storage space Hearing capacity. Oil exports from the country fell 14% last month from Dec. 2019 levels to 951,903 b/d, according to the company's internal reports and Refinitiv Eikon vessel-tracking data. According to Venezuelan production data obtained by Argus crude output fell from 820K b/d in Dec. 2019 to less than 800K b/d last mondi as key upgraders in the western part of the country around Lake Maracaibo are again shutting production again due to storage limitations stemming from anodier bacldog at PDVSA export terminals. PDVSA's PetroBoscan upgrader, which is a j.v. with Chevron Corp. (CVX), has shuttered a number of wells in recent days and as a result has seen output fall from 80-90K b/d of heavy-sour Boscan crude to below 30K b/d currently. PDVSA's PetroZamora upgrader has seen its output of heavy Bachaquero and medium Lagunillas crude grades cut in half from 100K b/d to around 50K b/d.