The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Venezuela oil exports seen falling as economic woes worsen

Pubdate:2016-08-17 11:07 Source:zhangmeng Click:
NEW YORK (Bloomberg) -- The long decline in Venezuela’s oil production is becoming a supply risk for international markets, according to a report by Columbia University’s Center on Global Energy Policy.
 
Exports from the holder of the world’s largest crude reserves fell more than 300,000 bopd in June, compared with the 2015 average, according to the report written by Luisa Palacios, a senior managing director at Medley Global Advisors LLC. While Venezuela’s output has been declining all year, the impact is only now being felt on international markets because previous losses were offset by slumping domestic oil demand amid an unprecedented economic recession.
 
“Venezuela will represent a growing supply risk for oil markets in 2017,” the report said. “While on average crude oil exports in the first half do not yet show an important decline from the same period a year ago, the latest data point to a deteriorating trend.”
 
Venezuela has been hit hard by the two-year slump in crude prices. Its economy is expected to shrink 10% this year, the largest contraction in more than a decade, while consumer prices rise more than 700%, according to the International Monetary Fund. The nation’s output dropped to a 13-year low in July as international oil services companies scaled back their activities after state-run Petroleos de Venezuela SA fell more than $1 billion behind in debt repayments.
 
Falling Consumption
 
Venezuela’s crude production in July dropped to 2.15 MMbpd, compared with an average 2.4 MMbpd last year, the International Energy Agency said on Aug. 11.
 
As the nation’s economy contracted, domestic demand for oil dropped by more than 100,000 bpd last year compared with 2014, the Columbia University report said, citing data from the Ministry of Oil and Mining. While it’s possible that Venezuela’s domestic consumption will keep falling, there are signs the lower production is now affecting exports, it said.
 
Venezuela’s strategy of focusing on the expansion of oil production in a region called the Orinoco belt is also bringing in fewer dollars. The heavy crude is less desirable to refiners and typically sells for less than lighter grades of oil that are easier to process into fuels, such as gasoline.
 
The Venezuelan crude basket, based on an average of all crudes handled by the state oil company, widened its discount to West Texas Intermediate, the U.S. benchmark, to about $9/bbl on Aug. 12, compared with about $1 a year earlier.
 
Blending the heavy oil with higher-priced light crudes purchased from other exporters can make it more marketable, but is a costly option for a country that’s on the brink of debt default, the report said. Should credit concerns prevent Venezuela from importing the light oil it needs, net exports could fall by another 300,000 bpd, the Columbia report said.
 
“The continuation of this strategy will significantly eat into the government’s oil rent, and thus its ability to export its way out of this crisis,” the report said.
 
Venezuela’s is renewing efforts to get the Organization of Petroleum Exporting Countries and nations outside the group to cooperate. Oil minister Eulogio del Pino met his Iranian counterpart in Tehran Sunday, although the Persian Gulf nation hasn’t decided if it will attend a meeting of producers to discuss stabilizing prices on the sidelines of an energy forum in Algiers next month.
 
“Venezuela was already having economic problems when the oil price was at $100/bbl,” so a price recovery is unlikely to solve its predicament, according to Columbia’s report.
主站蜘蛛池模板: 99精品国产一区二区| 免费又黄又爽的视频| 久久精品国产亚洲AV香蕉| 五月天亚洲色图| 老司机亚洲精品| 日本制服丝袜在线| 国产一级黄色录像| 中文字幕第30页| 美女大量吞精在线观看456| 成人小视频免费在线观看| 国产成人免费观看| 亚洲国语在线视频手机在线| 两性色午夜视频免费播放| 美国式的禁忌19| 尹人香蕉久久99天天| 免费播放特黄特色毛片| bt在线www天堂资源网| 波多野结衣护士无删减| 国产美女做a免费视频软件| 人人妻人人澡人人爽超污| 99久re热视频这里只有精品6 | 欧美影院一区二区三区| 国产精品福利一区二区| 亚洲乱亚洲乱少妇无码| 黄网站在线免费| 日本中文字幕黑人借宿影片| 国产成人麻豆精品午夜福利在线| 久久综合狠狠色综合伊人| 亚洲国产香蕉视频欧美| 日韩人妻无码精品无码中文字幕 | 亚洲欧美日韩国产精品网| 伊人色综合久久天天人守人婷| 果冻传媒91制片厂211| 国産精品久久久久久久| 亚洲不卡av不卡一区二区| 韩国黄色片在线观看| 日韩午夜视频在线观看| 国产一区二区三区精品久久呦 | 免费又黄又爽1000禁片| 91呻吟丰满娇喘国产区| 最新中文字幕一区二区乱码|