MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

CPI Details Show Disinflation Tapering Off for High-Rate Items (2/2)

CPI Details Show Disinflation Tapering Off for High-Rate Items (1/2)

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Venezuela’s Oil Production to Decline in 2025 amid US Sanctions: Rystad

OIL
Energy BulletsHomepageBulletCommodities

The US’ reimposition of oil and gas sanctions on Venezuela is to hamper production by 120k b/d by 2025, according to Rystad Energy’s Senior Vice President Jorge Leon.

  • Venezuela’s production is expected to plateau at 910k b/d in 2024, before declining to 890k b/d in 2025.
  • Oil output in a no sanctions scenario had been modelled at 1.1m b/d.
  • Rystad added that there is scope for increased production under specific US licenses for companies to continue operations beyond May 31, or if sanctions are lifted again soon.
  • “Availability of heavy crude from other sources may prove to be challenging for the US refining system as market tightness is particularly acute in the heavy sour crude segment,” Leon said.
118 words

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.

The US’ reimposition of oil and gas sanctions on Venezuela is to hamper production by 120k b/d by 2025, according to Rystad Energy’s Senior Vice President Jorge Leon.

  • Venezuela’s production is expected to plateau at 910k b/d in 2024, before declining to 890k b/d in 2025.
  • Oil output in a no sanctions scenario had been modelled at 1.1m b/d.
  • Rystad added that there is scope for increased production under specific US licenses for companies to continue operations beyond May 31, or if sanctions are lifted again soon.
  • “Availability of heavy crude from other sources may prove to be challenging for the US refining system as market tightness is particularly acute in the heavy sour crude segment,” Leon said.