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Iran crude deliveries to Venezuela increase

OIL
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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.
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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.