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Americas Weekly Oil Summary: Venezuela’s Crude Exports Rebound in 2023

OIL

In Venezuela, crude oil exports rose to a four-year high in 2023, averaging 515k b/d, up 17% on the year.

  • Meanwhile India’s ONGC is set to receive oil from Venezuela to recoup its pending $600 million dividend from a stake in a project in the country. ONGC holds 40% stake in the San Cristobal field in eastern Venezuela's Orinoco Heavy Oil belt.
  • In Mexico, Pemex expects its new Olmeca refinery will process 243,000 bpd of crude in 2024 during its first year of operations – ramping to near full capacity in 2025 according to a company presentation.
  • Exports of Mexican crude oil rebounded in 2023 to 1.09m b/d in 2023, up 13% on the year. Rising volumes of medium sour Isthmus oil counter declines in exports of Maya crude, according to Bloomberg.
  • Exports of Guyana’s Liza, Unity Gold, and Payara Gold crudes rose in December, according to Bloomberg. 17 tankers loaded 17m bbl, equating to 548k b/d, from the Liza Destiny, Liza Unity and Payara FPSOs, Bloomberg said.
  • Canada’s rig count rose by 39 on the week to 125 rigs, according to Baker Hughes Jan. 5. Oil rigs were up by 31 to 58, while gas rigs rose by 8 to 67.
Energy BulletsCanada Bank of Canada Market NewsCommodities
Energy BulletsCanada Bank of Canada Market NewsCommodities

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