Free Trial

Venezuela Onshore Crude Inventories Hit Two Year Low

OIL

Onshore crude inventories at a main hub in Venezuela reached a two year low amid production outages and four-year high export numbers, according to Bloomberg.

  • Inventories at the port of Jose and among oil upgrading facilities fell to 4.75m bbl Oct. 31, compared to 5.97m bbl the week prior. This put inventories at the lowest level since September 2021.
  • Of the total inventories, 1.62m bbl is diluted crude oil, 1.22 is Merey 16, and 1.91m bbl are comprised of synthetic oils such as Hamaca.
  • Meanwhile, exports from Venezuela from Jan-Oct this year are 519k b/d, the highest for Q1-Q3 since 2019.

To read the full story

Close

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.