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BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Iranian Condensate to Help Venezuela Boost Crude Production

  • By Al Mayadeen
  • Source: Agencies
  • 1 Oct 2021 08:07
2 Min Read

In defiance of US sanctions, Iran and Venezuela continue to cooperate in the field of oil production.

  • x
  • Venezuela has swapped its heavy oil for Iranian condensate
    Venezuela has swapped its heavy oil for Iranian condensate

A senior official at PDVSA told Reuters that the Venezuelan state-run oil company will use a cargo of Iranian condensate that arrived in the country last week to boost output at three key extra-heavy crude projects in its largest oil region.
 
The deal between PDVSA and the National Iranian Oil Company (NIOC) to swap Venezuelan heavy oil for Iranian condensate comes as diluent shortages impede PDVSA's ability to mix its tar-like crudes from the Orinoco oil belt for transportation and export.
 
Wills Rangel, a PDVSA board member and a union leader, said on Wednesday that the condensate would help boost crude output at oilfields associated with three of the company's largest projects, Petrocedeno, Petropiar, and Petrolera Sinovensa. 

"There are many inactive wells due to a lack of diluents," Rangel said. "We will reactivate production."

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Shortages in diluents; a major setback

The diluent shortage is the latest obstacle the OPEC nation's oil industry is suffering from, considering that it has seen production collapse due to years of underinvestment. Moreover, US sanctions have cut the company off from key trade partners, including former suppliers of diluents.

According to a PDVSA schedule, the Iran-flagged tanker Dino I, which brought 2.1 million-barrel cargo of condensate, began discharging its first parcel this week for the Petrolera Sinovensa project.

It is worth noting that Petropiar and Sinovensa are joint ventures between PDVSA and Chevron Corp (CVX.N) and China National Petroleum Corp (CNPET.UL), respectively. PDVSA is now the sole shareholder of Petrocedeno after its former partners, TotalEnergies SE (TTEF.PA) and Equinor ASA (EQNR.OL), exited the project in July. 

Rangel estimated that Venezuela's total crude production mounts to 750,000 barrels per day (bpd), higher than its average 641,000 bpd it had reported to OPEC in August. Venezuelan officials say they aim to boost output to 1 million bpd by the end of the year.

  • Venezuela
  • Oil market
  • Oil
  • Iranian oil
  • Oil Production
  • Oil in Iran
  • Oil prices
  • oil tanker
  • Iran
  • Crude oil

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