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2019-01-30 11:35:00

WEAK VENEZUELA SANCTIONS

WEAK VENEZUELA SANCTIONS

OGJUS sanctions against Venezuelan state oil company Petroleos de Venezuela SA (PDVSA) will deal a meaningful blow to President Nicolas Maduro's administration's cashflow, but the effects will not be as harsh as the US expects, according to Rystad Energy.

"Administration officials reportedly said the sanctions would result in more than $11 billion in export losses for Venezuela over the next year, but I believe this figure will be substantially lower," Rystad Energy analyst Paola Rodriguez-Masiu said.

Rodriguez-Masiu, a native Venezuelan who coordinates Rystad Energy's global refinery and infrastructure data, added, "The oil that Venezuela currently exports to the US will be diverted to other countries and sold at lower prices. For countries like China and India, yesterday's news was akin to Black Monday. They will be able to pick up these oil volumes at great discounts."

Few countries have refining capacity that can handle the heavy crude oil quality coming out of Venezuela. The country currently exports about 1.2 million b/d, of which some 450,000 b/d goes to the US, while 300,000 b/d goes to India and 240,000 b/d to China.

Many refineries along the US Gulf Coast import Venezuelan heavy crude to mix with lighter oil coming out of shale basins such as the Permian in West Texas. With sanctions in place, those refineries will have to turn to other sources for heavy crude.

"The sanctions will affect refinery margins in the US. Now they will have to import heavy crude from the Middle East at a premium. US refiners will be amongst the biggest losers, as we have noted earlier," Rodriguez-Masiu said.

The oil market largely shrugged off news of the sanctions. "The market has priced in the Venezuelan crisis. Plus, the export volumes will not be eliminated from the market, but rather rerouted to other countries," the Rystad Energy analyst said.

 

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Earlier:  

News
2019, January, 30, 11:30:00

U.S., VENEZUELA SANCTIONS ALWAYS

PLATTS - The Trump administration announced Monday that it will sanction PDVSA, Venezuela's state-owned oil company, a move that could suspend roughly 500,000 b/d of Venezuelan crude exports to US Gulf Coast refineries and shut down US exports of diluents to the South American nation.

 

 

Venezuela Sanctions
2019, January, 25, 08:20:00

U.S. - VENEZUELA SANCTIONS

PLATTS - Chevron, PBF Energy, Valero and Citgo, which is owned by PDVSA, are the largest US refiners of Venezuelan crude, according to the US Energy Information Administration. Spokesmen for those four companies did not respond to requests for comment Wednesday.

 
 Venezuela Sanctions
2019, January, 9, 10:45:00

VENEZUELA'S OIL PRODUCTION: BELOW 1 MBD

PLATTS - The US Energy Information Administration forecasts that Venezuelan oil production will fall below 1 million b/d in the second half of 2019, according to Erik Kreil, an international energy analysis team leader with the EIA.

 

 Venezuela Sanctions
2018, September, 17, 15:00:00

VENEZUELA - CHINA COOPERATION

REUTERS - Venezuela gave China another stake in the OPEC nation’s oil industry and signed several other deals in the energy sector, but Beijing made no mention of new funds for Caracas during President Nicolas Maduro’s visit to his key financier on Friday.

 

 

 Venezuela Sanctions
2018, September, 13, 14:10:00

U.S. SANCTIONS AGAINST THE WORLD

CNBC - "We can see that the pricing situation today depends not just on the supply/demand balance or the general economic situation but also on the uncertainty that we observe today in the global markets: the trade wars, the sanctions that the U.S. pursue," Novak said, speaking to CNBC's Geoff Cutmore at the Eastern Economic Forum (EEF) in Vladivostok, Russia.

 

 Venezuela Sanctions
2018, July, 25, 09:15:00

VENEZUELA'S ECONOMIC COLLAPSE

IMF - On Venezuela, it is difficult to discuss because it is in a state of economic collapse. We have not engaged with them in over a decade on their economic policies.

 

 

 Venezuela Sanctions
2018, June, 8, 12:55:00

VENEZUELA IRAN SANCTIONS

BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter. 

 

 

Tags: U.S., VENEZUELA, SANCTIONS, OIL
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2019, February, 18, 11:50:00

U.S. SHALE NEED INVESTMENT

REUTERS - On Thursday, the regional price of crude was at a $1.10 a barrel premium to U.S. crude futures, the strongest in more than a year as companies including Parsley Energy, Pioneer Natural Resources, Goodrich Petroleum Corp have pared their exploration budgets, easing the constraints.

WEAK VENEZUELA SANCTIONS
2019, February, 18, 11:45:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.6%

U.S. FRB - Industrial production decreased 0.6 percent in January after rising 0.1 percent in December.

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