Venezuela’s state-owned PdV is focusing resources on main- taining oil output, but persistent power cuts and a lack of cash are eroding critical fows from mature felds. The problems raise the question of how this will affect US refiners that operate on a Venezuelan crude diet. US indepen- dent Valero has already pointed to quality deterioration in its Venezuelan imports. As Venezuelan crude is a major feedstock for mid-sulphur petroleum coke, a lack of this crude could reduce mid-sulphur supplies from the US, which are already restricted from Venezuela itself. At least one mid-sulphur US refinery is already reporting an increase in sulphur content to more than 5pc from a historical 4.5pc, a result of changes in crude quality rather than crude slate.
展开▼
