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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
ENI and Repsol want to boost liftings and production of Venezuelan oil but are limited by poor infrastructure and concerns of sanction re-imposition, according to Platts.
- Francesco Gattei, ENI’s CFO Eni said his company was seeking boost liftings from the Venezuela, while Repsol CEO Josu Jon Imaz said the sanction relief provides opportunities to raise Venezuela’s upstream output.
- However, due to the large investment required for its oil production infrastructure coupled with sanction uncertainty, Platts’ sees Venezuela’s crude production not exceeding 850k b/d in the next 6-12 months compared to 750k b/d currently.
- Sanctions could also return this month if President Maduro refuses to allow banned opposition members to compete at the next election.
- Potential for European coking refineries to use Venezuela’s heavy sour is also marginal as the USGC will likely absorb most of Venezuela’s volumes.
- Eni and Repsol have also been taking Venezuelan crude under oil-for-debt arrangements.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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