Post #1338

The Venezuelan oil sector saw its production levels recede in August as a result of operational setbacks in its crude upgraders. The latest report from the Organization of Petroleum Exporting Countries (OPEC) placed Venezuela’s output at an average of 730,000 barrels per day (bpd) last month, down from 772,000 in July, according to secondary sources. In contrast, the figures reported directly by state oil company PDVSA stood at 820,000 bpd, up from 810,000 the previous month. OPEC data often gets updated in subsequent publications. According to Reuters, several crude upgraders had maintenance issues or diluent shortages that forced them offline for extended periods, affecting output levels. Located in the Orinoco Oil Belt in eastern Venezuela, crude upgraders process extra heavy oil into exportable grades. https://venezuelanalysis.com/news/15849