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MOSCOW (MRC) — Venezuela's PDVSA and
its joint ventures last month shipped 638,325 bpd of crude to the United States,
a 30% increase over June due to larger sales of upgraded oil, according to
Thomson Reuters trade flows data, said Hydrocarbonprocessing.
Venezuelan
crude output has declined this year to its lowest point in 27 yr due to a lack
of investment and payment delays to oil service firms, affecting exports to
customers in key markets including the United States.
Even though the
volume of crude sent to the United States in July was larger than the previous
month, it was 22% below the same month in 2016. The main US receiver of
Venezuelan crude last month was refiner Valero Energy, followed by PDVSA's
refining unit in the United States, Citgo Petroleum.
PDVSA earlier this
year signed a refinancing agreement with Russian energy giant Rosneft that has
diverted more oil to that firm, and fewer volumes to Citgo.
But Citgo has
requested more upgraded crude from joint ventures between PDVSA and its foreign
partners in the Orinoco Belt, which has partially compensated for lower supplies
from its parent company. Upgraded oils are those that have been treated at
special facilities built to process extra heavy crude from Venzeuela's largest
oil-producing region.
Another prominent buyer of Venezuelan crude in the
United States, refining firm Phillips 66, did not receive crude supplies from
PDVSA last month, according to the data.
US-based PBF Energy, Marathon
Petroleum, Valero and Phillips 66 have reduced their purchases of heavy oil in
recent weeks due to less barrels available from Venezuela and other OPEC
producers, which is narrowing spreads between heavy Latin American crudes and
lighter grades. |
