Limited flows of much-needed condensate from Irán are behind a month-over-month decline in Venezuelan crude production, to 716,000 b/d in November.
By Argus Media – Carlos Camacho
Dec 05, 2022
The Orinoco oil belt lead Venezuela’s November production with 445,000 b/d, according to internal documents from state-owned PdV seen by Argus and vetted by independent analysts. The Oriente region followed with 172,000 b/d in November, Occidente with 93,110 b/d, 3,590 b/d from other projects, and 1,950 b/d from offshore fields.
The Venezuelan Oil Chamber, a collection of companies involved in the country’s oil and gas business, said separately production averaged 710,000 b/d in November. Caracas-based analysts Gas Energy estimated October production at 765,000 b/d.
Occidente production has suffered from maintenance issues, while Faja and Oriente output has suffered from the lack of condensate, according to sources.
Most Venezuelan crude is heavy or extra heavy and requires blending with condensate to make it easier to move by pipeline. PdV has relied heavily on Iran for sporadic condensate cargoes in the past year, which several traders said this week ran out in November.
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Read More: Argus Media – Venezuela Nov oil output falls to 716,000 b/d: Sources
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