Venezuela slows oil output, blending as stocks mount: sources, data

MEXICO CITY/PUNTO FIJO, Venezuela - Venezuela’s state-run oil company PDVSA has suspended some crude blending and cut back production as inventories have swelled due to U.S. sanctions scaring off buyers and shippers, according to internal documents, sources and data.

The measures banned U.S. firms from buying PDVSA’s oil, depriving Venezuela of its former top destination for exports, and scaring off other customers as U.S. officials also threatened foreign firms with punishment if they “materially assist” Maduro’s administration. PDVSA’s portfolio of clients has shrunk, with Russia’s Rosneft now taking about two thirds of Venezuelan oil exports for reselling to Asia.

Chevron referred questions on its joint projects in Venezuela to PDVSA. The state-run firm did not reply to a request for comment. “Petropiar is out of service due to high inventories of Merey. Petrosinovensa’s plant one is in service, output adjusted to 72,000 bpd. Plant two is re-circulating crude,” it said.

Are they trying to feed the oil calamity in Saudi Arabia? Lousy timing.

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