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Venezuela Sanction Relief to Have Limited Impact on Output: Chevron

OIL

The boost in Venezuela’s oil output is likely to be limited by the easing of sanctions, Patti Leigh, VP of crude supply and trading at Chevron, said at the Argus European Crude Conference in London, reported by Bloomberg.

  • She said that there is room for a small amount of growth, but the scope for necessary investment is limited as sanction relief currently only lasts six months and the required oil production infrastructure upgrades are significant.
  • Earlier, ENI and Repsol expressed interest in boosting output and loadings from Venezuela, although the difficulty on raising production may hamper those efforts.
  • Platts analysts estimate that Venezuela’s crude production will not exceed 850k b/d in the next 6-12 months compared to current output of 750k b/d.
Energy BulletsCommodities
Energy BulletsCommodities

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