May 13, 2022 09:31 GMT
Iran delivered 6.8mbbls of oil to Venezuela this year, an increase of 48% over the full 2021 amount.
- Most of the delivery is condensate which is used to combine with heavy Venezuela production to produce the Merey grade. Merey is a blend made with approximately 60% of heavy domestic oil and 40% of light oil.
- Venezuela production has increased from 490kbpd this time last year to approximately 680kbpd with a target of 2mbpd this year from President Maduro.