Page 1 of 3 123 LastLast
Results 1 to 25 of 61
  1. #1
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454

    Venezuela to import oil products

    If there is a way Maduro could fuck it up even more, I'm sure he'll find it.

    (Reuters) - Venezuela this month plans to import over 300,000 barrels per day (bpd) of refined products to ease domestic fuel shortages caused by hobbled refineries and need to prioritize exports, according to internal documents seen by Reuters.


    The country with the world’s largest crude reserves this year has not been able to make enough fuel to meet local demand and fulfill supply contracts with customers, including those under oil-for-loan agreements with Russia and China, the documents showed.

    From January through November, state-run oil firm PDVSA bought 19,000 bpd of crude mostly to feed its Isla refinery in Curacao and 234,000 bpd of refined products, including naphtha for diluting its extra heavy oil output, gasoline, diesel for power generation and components to make motor fuel.




    The 253,000 bpd of total imports so far this year represent an all-time record and a 40-percent increase compared with the 180,250 bpd bought last year, according to internal PDVSA data analyzed by Reuters.


    The purchases, which have expanded despite PDVSA’s cash constraints, have been negotiated almost entirely through swaps with fuel providers and traders, which receive Venezuelan crude and residual fuel, according to the data, a PDVSA employee and traders involved in the deals.


    “Since February, we have not paid a single imported cargo with cash. We are exchanging the imported fuel for (Venezuelan) asphalt, virgin naphtha, natural gasoline, fuel oil, residual crude, whatever we have,” said the PDVSA employee who could not be identified because the information is private.




    From January through August, the total value of the cargoes was $3.15 billion.

    Suppliers included a unit of India’s Reliance Industries, PDVSA’s U.S. refining arm Citgo Petroleum, Russian oil firms Lukoil and Rosneft, units of China National Petroleum Corp, and several trading firms.


    UNDER-PERFORMING REFINERIES


    Venezuelan refineries have worked this year at historical low rates with some of them completely halted for weeks due to technical failure, lack of investment, delayed maintenance and insufficient crude supply.


    A refinery in Curacao used by PDVSA as auxiliary facility, the 335,000-bpd Isla, has been inactive since the second quarter. Earlier this month, Venezuela’s largest refining complex, Paraguana, worked at 19 percent of its 955,000-bpd capacity, and the smaller Puerto la Cruz refinery was completely halted.


    Venezuela’s fuel demand has decreased to 325,000 bpd in recent months - half the peak volume registered a decade ago - according to the PDVSA documents, amid a severe economic recession. Still, PDVSA has been unable to supply gas stations, airports, power plants and industrial customers, leading to drivers waiting to fill their tanks and customers fighting over cooking gas.

    From January through November, PDVSA delivered 270,000 bpd of domestic and imported fuel to the domestic market, 17 percent below the demand level, the documents showed.

    https://www.reuters.com/article/us-v...O51II?rpc=401&

  2. #2
    Thailand Expat jabir's Avatar
    Join Date
    Jul 2016
    Last Online
    @
    Posts
    6,057
    Sane leaders might consider swapping a few barrels of oil for a refinery!

  3. #3
    Thailand Expat
    Klondyke's Avatar
    Join Date
    Aug 2014
    Last Online
    Today @ 09:45 AM
    Posts
    3,822
    Quote Originally Posted by harrybarracuda View Post
    If there is a way Maduro could fuck it up even more, I'm sure he'll find it.
    It reminds me on the time when Saddam's country was starved by blockades and sanctions, then "look at him, how he can manage..." (then easy to invade...)

    As if it had worked with Fidel?

  4. #4
    Thailand Expat

    Join Date
    Sep 2017
    Last Online
    Today @ 01:47 PM
    Location
    across the street
    Posts
    3,779
    Quote Originally Posted by jabir View Post
    Sane leaders might consider swapping a few barrels of oil for a refinery!
    China made an offer of 5 billion USD or so a few months back to help upgrade........dunno what came from that

  5. #5
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    Even the chinkies have realised they're just throwing good money after bad.

  6. #6
    Thailand Expat

    Join Date
    Sep 2017
    Last Online
    Today @ 01:47 PM
    Location
    across the street
    Posts
    3,779
    Chavez had a good platform for social reform.....with Venezuela's oil reserves the right person probably could have made it work...instead they're going the way of Zimbabwe

  7. #7
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    Quote Originally Posted by uncle junior View Post
    Chavez had a good platform for social reform.....with Venezuela's oil reserves the right person probably could have made it work...instead they're going the way of Zimbabwe
    Chavez was a populist arsehole who robbed the country blind while feeding the peasants some freebies.

    Maduro's no better.

    Now they've basically sold their country to Russia and China.

  8. #8
    Thailand Expat
    Klondyke's Avatar
    Join Date
    Aug 2014
    Last Online
    Today @ 09:45 AM
    Posts
    3,822
    Quote Originally Posted by harrybarracuda View Post
    Now they've basically sold their country to Russia and China.
    If in case they were sold to another country (please no names here) how quiet it would be about their wellbeing.

    There are not a few neighboring countries in such position over many decades and how are they sabai sabai???

  9. #9
    Thailand Expat
    OhOh's Avatar
    Join Date
    Jul 2010
    Last Online
    Today @ 01:58 PM
    Location
    Where troubles melt like lemon drops
    Posts
    16,050
    They ave always needed to import lighter oils to blend with their own heavy crude stock. Whether they have made better deals than they had previously with the ameristani "partners" only time will tell.

  10. #10
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    Quote Originally Posted by OhOh View Post
    They ave always needed to import lighter oils to blend with their own heavy crude stock. Whether they have made better deals than they had previously with the ameristani "partners" only time will tell.
    The first time they had to import dilutents for blending was 2016.

    And that's because Chavez and Maduro have decimated both the upstream and downstream components of their oil industry.

    Their refining industry is so far in the toilet that they can't even produce enough fuel and petrol for their domestic market, let alone dilutents.

    If they hadn't pissed off the USA, they would still be able to sell that heavy crude to US refiners.

    Som num na.


  11. #11
    Thailand Expat
    VocalNeal's Avatar
    Join Date
    Jul 2007
    Last Online
    Today @ 01:58 PM
    Location
    Bangkok
    Posts
    10,805
    If they hadn't pissed off the USA
    Did they by any chance want to sell there oil in Euros?

  12. #12
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    Quote Originally Posted by VocalNeal View Post
    Did they by any chance want to sell there oil in Euros?
    No, by chance they basically confiscated all the assets of US oil companies that they had invited in to develop their oil industry.

    And they still managed to fuck them up.

  13. #13
    Thailand Expat jabir's Avatar
    Join Date
    Jul 2016
    Last Online
    @
    Posts
    6,057
    Quote Originally Posted by VocalNeal View Post
    Did they by any chance want to sell there oil in Euros?
    kiss of death

  14. #14
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    Quote Originally Posted by jabir View Post
    kiss of death
    Ah, but now they have their own shitcoin.


  15. #15
    Member
    Join Date
    Oct 2017
    Last Online
    @
    Posts
    423
    Quote Originally Posted by harrybarracuda View Post
    If they hadn't pissed off the USA...
    Yes, pissing off the dark overlords was a rookie mistake...

    How did they not see the broken twisted wreckage of all those other countries who dared to insist on autonomy, freedom and liberty.

  16. #16
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    Quote Originally Posted by foobar View Post
    Yes, pissing off the dark overlords was a rookie mistake...

    How did they not see the broken twisted wreckage of all those other countries who dared to insist on autonomy, freedom and liberty.
    Venezuela had all of those things - and huge amounts of wealth - until Chavez and Maduro came along.


  17. #17
    Thailand Expat
    Klondyke's Avatar
    Join Date
    Aug 2014
    Last Online
    Today @ 09:45 AM
    Posts
    3,822
    Quote Originally Posted by foobar View Post
    countries who dared to insist on autonomy, freedom and liberty.

    Iraq, Libya and some others, they did not insist on autonomy, freedom and liberty. As a matter of fact, they have already had it over many years being governed by their "dictators". And they were the champions of the oil suppliers.

    What is the situation of their oil production now, after they were "liberated"?

  18. #18
    Member
    Join Date
    Oct 2017
    Last Online
    @
    Posts
    423
    Quote Originally Posted by harrybarracuda View Post
    Venezuela had all of those things
    Your delusion know no bounds it seems...

    I don't think there has existed a single south American country who had/has autonomy, freedom and liberty from the molestations of the United States.

    Cuba probably came closest to achieving that goal and apart from narrowly avoiding being nuked off the face of the planet they were crippled by US sanctions for over half a century.

  19. #19
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    Quote Originally Posted by foobar View Post
    Your delusion know no bounds it seems...

    I don't think there has existed a single south American country who had/has autonomy, freedom and liberty from the molestations of the United States.

    Cuba probably came closest to achieving that goal and apart from narrowly avoiding being nuked off the face of the planet they were crippled by US sanctions for over half a century.
    Perhaps that's because you're a fucking idiot.

    Have you ever heard of Brazil? Chile? Peru? Mexico?

    And what does that even have to do with Chavez and Maduro fucking up Venezuela?

    Or you are trying to blame the US for Chavez and Maduro's corruption and mismanagement?

    If so, you're an even bigger fucking idiot.

    Which you are anyway as you seem to think Cuba is a South American country.....

  20. #20
    Thailand Expat
    OhOh's Avatar
    Join Date
    Jul 2010
    Last Online
    Today @ 01:58 PM
    Location
    Where troubles melt like lemon drops
    Posts
    16,050
    Quote Originally Posted by harrybarracuda View Post
    South American country


  21. #21
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    In fact it's even worse....

    Venezuela, one of Latin America's biggest oil producers, has an import problem that could shock the global market and send U.S. refiners on the hunt for replacement supplies.


    Venezuela's crude production has been steadily declining as the oil-dependent state slogs through an economic crisis precipitated by years of government mismanagement and exacerbated by a prolonged oil price slump.

    Now, a drop in critical energy imports has some analysts worried that state oil giant Petroleos de Venezuela, known as PDVSA, is struggling to fund its operations.


    While Venezuela boasts the world's largest proven oil reserves, much of it is heavy crude that PDVSA must dilute before it's sold to customers. In recent months, the country's imports of dilutants like light crude have tanked, according to figures from ClipperData, a firm that tracks commodity shipments.

    Venezuela's crude imports typically average about 100,000 barrels a day, but have fallen to about 40,000 barrels per day in recent months, according to the firm. Since the start of September, ClipperData hasn't recorded a single crude import into Curacao, a Caribbean Island north of Venezuela where PDVSA blends its heavy crude with lighter, foreign crude before exporting it.


    "That's a huge red flag because then they're not importing crude to be able to blend," said Matt Smith, director of commodity research at ClipperData.

    "Once those imports dry up, it indicates that their exports are going to dry up as well, and that's the capitulation point."


    It's possible that PDVSA's falling imports are merely the logical result of its falling production, says Smith. If it's producing less heavy oil, it might simply need fewer barrels of light oil to blend.


    But the drop might also signal that PDVSA is having trouble buying crude, Smith warned.


    PDVSA could not immediately be reached for comment.

    https://www.cnbc.com/2017/11/17/vene...-red-flag.html

  22. #22
    Thailand Expat

    Join Date
    Sep 2017
    Last Online
    Today @ 01:47 PM
    Location
    across the street
    Posts
    3,779
    time for a pre-emptive strike

  23. #23
    Thailand Expat jabir's Avatar
    Join Date
    Jul 2016
    Last Online
    @
    Posts
    6,057
    Quote Originally Posted by harrybarracuda View Post
    Ah, but now they have their own shitcoin.

    Also kiss of death.

  24. #24
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 12:46 PM
    Posts
    54,454
    Apparently one in 10 Venezuelans are now working abroad, many of them the experienced people they need to rebuild their failing oil infrastructure.

    Tragic what they've done.

  25. #25
    Thailand Expat
    Klondyke's Avatar
    Join Date
    Aug 2014
    Last Online
    Today @ 09:45 AM
    Posts
    3,822
    Russia Dispatching Blackjack Bombers to Venezuela

    Russia is deploying nuclear-capable Tu-160 Blackjack bombers to Venezuela this week as part of an increasingly provocative pattern of bomber training flights, according to American defense officials.

    At least two Blackjacks will fly from a strategic forces air base in Russia to Venezuela as part of a series of training exercises that will include long-range refueling, said officials familiar with Russian plans for the flight.
    ---
    Maduro visited Moscow last week and was promised an estimated $6 billion in investment pledges in the oil and mining sectors aimed at propping up the regime in Caracas and its collapsing economy.

    Maduro said Moscow also promised to help modernize Venezuela's military.

    Defense ministers from the two countries met in Moscow last week and agreed that Russian air force and naval forces would continue to use Venezuelan ports and airports.

    The Russian state oil company Rosneft previously lent $6 billion to Venezuela's state oil company PDVSA.

    Russian presidential spokesman Dmitry Peskov last week declined to comment on the new aid package for Venezuela but said: "A whole range of issues related to bilateral co-operation has been discussed. There is no doubt that Russia will continue supporting Venezuela to one degree or another."

    https://freebeacon.com/national-secu...ers-venezuela/

Page 1 of 3 123 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •