Venezuela’s oil production took another hit in recent days, as the country struggles with brimming storage tanks and no buyers.
PDVSA slashed output in the Orinoco Belt to just 200,000 bpd, according to Bloomberg, after averaging roughly double that for much of this year. The lack of space in storage forced production cuts, including at joint venture projects, where output has been more stable. Sources told Bloomberg that the Sinovensa blending facility would be idled for at least a week.
Venezuela’s oil sector has been in a downward spiral for several years, with the losses accelerating dramatically after the U.S. introduced crippling sanctions at the start of 2019. Production fell by more than half from 1.6 million barrels per day (mb/d) in 2018 to a little more than 750,000 bpd in July.
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Update: Venezuela can’t sell its oil and storage tanks are full. So it’s giving it away to Cuba (Miami Herald)
WNU Editor: No one with cash is going to buy Venezuelan crude. Banking restrictions due to sanctions limits the buyers, and those who buy do not care about U.S. sanctions.
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