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Iran Crude and Condensate Due to Arrive in Venezuela

OIL

Venezuela is expecting about 1.22mbbls of Iranian crude and 2mbbls of condensate arrivals in the coming days according to PDVSA.

  • Iran has increased exports to Venezuela this year with arrivals of 4.8mbbld of Iranian crude and condensate arriving in July and August.
  • Iranian light condensate is used to combine with heavy Venezuela production to produce the exported Merey grade. Merey is a blend made with approximately 60% of heavy domestic oil and 40% of light oil.
  • Venezuela production has averaged approximately 730kbpd this year compared to about 660kbpd in 2021.

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