Crude oil inventories rise, exports decline and encourage a possible cut in PDVSA


Storage levels at Terminal Jose reached 11.8 million barrels on Saturday, more than double from around 5.6 million barrels a month ago.


Stocks of crude oil at Venezuela’s main oil export terminal have reached their highest levels since August, when customers turned away from state-owned oil company PDVSA over US sanctions, according to a document seen by Reuters.

Storage levels at Terminal Jose hit 11.8 million barrels as of Saturday, more than double the level of around 5.6 million barrels a month ago, so there was only 3 million barrels of space. available storage space.

This could force PDVSA to reduce crude oil production as it did earlier this year.

The jump in inventories comes before a deadline set by the United States for the few oil companies that still do business with PDVSA – including Spain’s Repsol SA, Italy’s Eni SpA and Thailand’s Tipco Asphalt. PCL: close those deals.

Only one oil tanker, the Antares Shine, is scheduled to be loaded to Jose, the document showed.

It is expected to load one million barrels of Merey 16 crude, Venezuela’s flagship, for Tipco between October 23 and 25, but Refinitiv Eikon’s ship tracking data shows it hasn’t finished doing so.


Source link