Venezuela to supply up to 400,000 barrels of heavy crude oil per day to India

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State-run oil company Petróleos de Venezuela, S.A. PDVSA) and India’s Reliance Industries Limited (RIL), last week signed two agreements to boost extra-heavy crude oil production in Venezuela’s Orinoco Oil Belt (FPO) and sell up to 400,000 barrels per day (bpd) to the country. With the second document, PDVSA agreed to supply Venezuelan heavy crude oil to the Asian country under a 15-year contract. Venezuela will send Reliance between 300,000 and 400,000 barrels per day.

IHS-CERA concludes “no material impact” on US GHG from Keystone XL; heavy crude from Venezuela most likely replacement

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The study also found that any absence of oil sands on the US Gulf Coast would most likely be replaced by imports of heavy crude oil from Venezuela, which has the same carbon footprint as oilsands crude. However, these deep discounts were not the result of rail costs but rather due to a severe supply and demand imbalance: constraints in the pipeline and refining systems limited flows, resulting in a prolonged period of surplus supply. Venezuela.

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IHS Markit: Canadian oil sands production to be ~1M barrels higher by 2030 but with lower annual growth; boosted by deterioration in Venezuela

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IHS Markit expects average year-on-year supply additions to be below 100,000 barrels per day (b/d) in the coming decade. Yet, ironically, the call on Canadian heavy sour crude oil—the principal export from the Canadian oil sands—has never been greater as the rapid deterioration of Venezuelan output tightens the supply of heavy sour crude globally. Canadian oil sands production is set to enter a period of slower annual production growth compared to previous years.

Technip awarded contract for two hydrogen reformers in Venezuela to support expanded processing of Orinoco heavy crude

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Technip was awarded a “significant” contract to supply its proprietary technology as well as engineering and procurement services for two hydrogen reformers in Venezuela. These 135-million standard cubic feet per day (151-thousand normal cubic meters per hour) reformers are part of the Deep Conversion project being executed by the consortium for Venezuela’s state oil company, Petroleos de Venezuela SA (PDVSA), to upgrade the Puerto La Cruz refinery.

IEA: record oil output from US, Brazil, Canada and Norway to keep global markets well supplied

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Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets. However, the report finds that despite falling costs, additional investment will be needed to spur supply growth after 2020.

2018 78

IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

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Global oil supplies increased by 310 kb/d in November to 92.3 Year-on-year, November supplies rose by 810 kb/d, as a 1.9 OPEC crude supply fell by 160 kb/d in November to 29.73 Renewed disruptions in Libya and smaller drops in Nigeria, Kuwait, the United Arab Emirates and Venezuela more than offset higher output in Iran, Iraq and Angola.

EIA: Top 5 US crude oil suppliers account for 72% of total crude imports; highest proportion since 1997

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Crude oil imports from the top five foreign suppliers to the United States—which in 2012 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq, in that order—accounted for almost 72% of total US net crude oil imports, the highest proportion since 1997, according to the US Energy Information Administration (EIA). Highlights from the major crude oil supplying countries to the United States in 2012 included: Canada. Venezuela.

Iraq 89

Opinion: How Much Longer Can OPEC Hold Out?

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With its headquarters in Vienna, Austria, one of the mandates of 12-member OPEC is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” Venezuela’s Woes. Containing some of the largest proven oil and gas reserves in the world, Venezuela is one of the founding members of OPEC.

2015 76

The 5 Countries That Could Push Oil Prices Up

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Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market. The ‘Fragile Five’ petrostates—Iran, Iraq, Libya, Nigeria and Venezuela—continue to see supply disruption potential, with northern Iraq crude exports at risk due to an escalation of tensions between the (Kurdistan Regional Government), Baghdad and Turkey, while the United States has decertified the 2015 Iran nuclear deal,” U.S. Venezuela.

2017 65

Eni report: global oil reserves and oil production up in 2018 due to US

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The first volume of the report, the World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus on crude oil quality and on refining industry. OPEC registered zero growth as production in the Arab Gulf countries were offset by losses in Iran and Venezuela due to geopolitical issues. Eni has released the 18 th edition of the World Oil, Gas and Renewables Review , the annual statistics report on oil, natural gas and renewables sources.

2019 65

EIA: US importing more crude from Canada, even as total imports falling; 25% of imports in 2011, 28% so far in 2012

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Canada is the largest supplier of foreign oil to the United States, followed by Saudi Arabia, Mexico, and Venezuela. In 2012, Canada supplied the US with a record of nearly 2.5 US imports of Canadian crude oil rose to record levels during the first eight months of 2012, with Canada accounting for a growing share of total gross US imports, according to the US Energy Information Administration (EIA).

2012 80

IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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It brings an additional cause of concern for global energy security at a time of heightened geopolitical risks in some major producer countries, such as Venezuela, the IEA said. mb/d a year in the next five years, the IEA has repeatedly warned that an extended period of sharply lower oil investment could lead to a tightening in supplies.

2017 60

Rosneft joins BP as new partner in ROG German refining JV

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This follows the completion of the deal announced last October in which BP’s existing partner, PdVSA of Venezuela, agreed to sell its 50% interest in the joint venture to Rosneft. The ROG joint venture is operated by BP, and is a major contributor to the manufacture and supply of transport fuels and base petrochemicals in Germany. Rosneft has joined BP as a new partner in BP’ German refining joint venture, Ruhr Oel GmbH (ROG).

2011 69

Are The Saudis About To Reveal The Best Kept Secret In Oil?

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That is because of two reasons—the size of its reserves, and the ability to use latent spare capacity to quickly adjust supply, affording it an outsized influence on crude oil prices. But while everyone believes Saudi Arabia has some of the largest oil reserves in the world, perhaps rivaled only by Venezuela, there has been a lot of uncertainty and skepticism over exactly how much sits beneath the Saudi desert. by Nick Cunningham of

IHS CERA meta-analysis finds lifecycle GHG emissions for fuel produced solely from oil sands crude average 11% higher than from average crude refined in the US; high variability

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Although crudes derived from the Canadian oil sands are more carbon-intensive than the average oil refined in the United States, they are within the range of some other crude oils produced, imported, or refined in the United States, including crudes from Venezuela, Nigeria, Iraq, and California heavy oil production, according to the report. Oil Sands, Greenhouse Gases, and US Oil Supply: Getting the Numbers Right – 2012 Update , Lifecycle analysis Oil sands

Opinion: Is Russia Plotting To Bring Down OPEC?

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Russia supplied about 30 percent (146.6 The Russian government continues to seek to extend and expand the natural gas distribution infrastructure—into Europe, with various proposed pipeline projects (Nord Stream 2, Turkish Stream 2, 3, and 4, South European Pipeline), and into China, with two large pipeline projects, Power of Siberia Pipeline (to supply China from East Siberia), and the proposed Altai pipeline (to supply China from West Siberia).

Saudis Expand Price War Downstream

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With Saudi Arabia's refined fuel contributing to the global supply glut, what will be its impact on the refining markets especially those in Asia? A lot of diesel will be trapped in the Far East and this will lead to run cuts in places like Japan and South Korea as the arbitrage to the west will be closed by growing Middle Eastern supplies” said Robert Campbell of Energy Aspects. Indian refiners are now buying more crude oil from Nigeria, Iraq, Venezuela and Mexico.

What Does The Next OPEC Meeting Have In Store?

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The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels. Though Mr. Nasser did not hint at the percentage increase, even a small increase will add to the supply glut, because Aramco produces around 9.54 by Rakesh Upadhyay for

Harvard Kennedy School researcher forecasts sharp increase in world oil production capacity and risk of price collapse

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Much of this increased capacity comes from “unconventional sources” such as US shale/tight oils, Canadian oil sands, Venezuela’s extra-heavy oils, and Brazil’s pre-salt oils. The combination of new production in the Western Hemisphere and the still growing production in other parts of the world could lead to a sharp drop in oil prices, Maugeri suggests, which if steep enough could lead oil companies to cut back on investment and ultimately slow down oil supplies.

2012 89

Increase in US rig count will not cap oil prices

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If prices went too low the LTO operators couldn’t afford to drill, which would shrink supply and cause prices to rise. If they somehow collude to restrict supply to affect prices they will be prosecuted and perhaps sent to jail. He was also optimistic WTI could exit 2016 at $70 because of the rapid rebalancing of global crude supply and demand. by David Yager for

2016 60

Chevron leveraging information technology to optimize thermal production of heavy oil with increased recovery and reduced costs

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Chevron is taking its technology learnings from Kern River and apply them to Duri and other major heavy oil fields globally, such as Wafra in the onshore Partitioned Neutral Zone (PNZ) between Kuwait and Saudi Arabia and in the Orinoco in Venezuela. The US Geological Survey has estimated a mean volume of 513 billion barrels of technically recoverable heavy oil in the Orinoco Oil Belt Assessment Unit of the East Venezuela Basin Province; the range is 380 to 652 billion barrels.

2011 85

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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As we have pointed out, RBC Capital’s fragile five , Algeria, Libya, Nigeria, Iraq and Venezuela, the pain is intense. by Dalan McEndree for OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil.

2015 78

State Department releases final environmental impact statement on Keystone XL Pipeline Project; analysis of GHG emissions

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The proposed Keystone XL Project consists of a crude oil pipeline and related facilities that would primarily be used to transport Western Canadian Sedimentary Basin (WCSB) crude oil from an oil supply hub near Hardisty, Alberta, Canada to delivery points in Oklahoma and Texas. The top four suppliers were Mexico, Venezuela, Saudi Arabia, and Nigeria.

2011 87

Opinion: Oil Market ShowdownCan Russia Outlast The Saudis?

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Venezuela, an OPEC member, has even proposed an emergency summit meeting. It would drive up the cost of imports—and Saudi Arabia depends substantially on imports for a wide variety and high percentage of necessary consumer, business, and government goods and services—from food to oil, petrochemical, and other industrial equipment and services to military equipment, supplies, and training. by Dalan McEndree for

IEA World Energy Outlook view on the transport sector to 2035; passenger car fleet doubling to almost 1.7B units, driving oil demand up to 99 mb/d; reconfirming the end of cheap oil

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Against this unpromising background, events such as those at the Fukushima Daiichi nuclear power plant and the turmoil in parts of the Middle East and North Africa (MENA) have cast doubts on the reliability of energy supply, while concerns about sovereign financial integrity have shifted the focus of government attention away from energy policy and limited their means of policy intervention, boding ill for agreed global climate change objectives. Supply.

2011 86

Strong Dollar Could Cap Oil Prices

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The oil supply outages in Venezuela, Libya and Iran could yet drive oil prices much higher. If the supply outages do not materialize, there is much more room on the downside for oil prices. By Irina Slav for The strength of the U.S. dollar poses an obstacle to further gains in oil prices. President Trump’s trade war with China, which is still in its early stages, has already battered the yuan.