A shipment of 2 million barrels of Iranian condensed oil will discharge in Venezuela: it will be the fourth of the year

Washington imposed trade sanctions on PDVSA and its subsidiaries in 2019, depriving it of the US market (Photo: REUTERS / Carlos Garcia Rawlins) (Carlos Garcia Rawlins /)

A shipment of Iranian condensate destined for the Venezuelan state company PDVSA, the fourth delivery this year, will be unloaded in the coming days at the country’s main oil port.a Venezuelan lawmaker said Thursday.

Last year, Iran began supplying condensate to Petróleos de Venezuela (PDVSA) to be used as a diluent for the extra-heavy oil production of the South American nation.

The supply has been regularized this year after PDVSA and its counterpart National Iranian Oil Company (NIOC) signed an agreement to exchange Venezuelan crude for Iranian condensate.

The swap agreement, which is being carried out under the watchful eye of the United States, which has imposed sanctions on both nations and their oil industries, has allowed PDVSA to increase crude production to levels close to the beginning of 2020.

Two million barrels of diluent just arrived. From where? From iran“, said Angel Rodriguez, deputy of the ruling party of dictator Nicolás Maduro. He added that “This shows what the situation in the country is. We are forced to receive products that we used to make due to the ‘lock‘”, As the ruling party calls the US sanctions.

A shipment of Iranian condensate destined for the Venezuelan state company PDVSA, the fourth delivery this year, will be unloaded in the coming days (Photo: REUTERS / Jon Nazca)
A shipment of Iranian condensate destined for the Venezuelan state company PDVSA, the fourth delivery this year, will be unloaded in the coming days (Photo: REUTERS / Jon Nazca) (JON NAZCA /)

Washington imposed trade sanctions on PDVSA and its subsidiaries in 2019, depriving it of the US market, which used to buy most of its crude. The company has progressively adapted to the measures, finding new customers and ways to send its raw and refined products to countries like China.

Iran has delivered some 4.8 million barrels of condensate to PDVSA and its joint ventures this year, and has also supplied gasoline. The country has received at least 5.8 million barrels of heavy crude and Merey 16 jet fuel from Venezuela.

Oil exchanges

PDVSA has pushed oil exchanges to minimize its cash payments since the U.S. Treasury banned it from transacting in dollars in 2019. Washington has also sanctioned foreign companies for transporting or receiving Venezuelan oil.

The new contract stabilized the inventories of diluents and, therefore, the export of crude oil mixtures from the Orinoco Girdle. At the same time, it allowed the release of PDVSA’s lighter crudes for refining and producing vehicle fuels, according to an agency report. Reuters.

Last year, Iran began supplying condensate to Petróleos de Venezuela
Last year, Iran began supplying condensate to Petróleos de Venezuela (Jorge Silva /)

The first shipment of 1.9 million barrels of Merey heavy crude from Venezuela under the new swap agreement set sail in late September. from PDVSA’s Jose terminal at Supertanker Felicity, owned and operated by National Iranian Tanker Co (NITC), the three people and monitoring service TankerTrackers.com said.

The vessel was not included in PDVSA’s port schedules for September, which lists planned imports and exports. NeverthelessTankerTrackers.com identified the ship while it was in Jose this month.

New buyers and swaps have given you some stability to Venezuelan exports, which average about 650,000 barrels per day (bpd) this year, following ups and downs in 2020.

PDVSA plans to mix Iranian condensate with extra heavy oil to produce diluted crude (DCO), a variety demanded by refiners in Asia that the state-owned company has been unable to export smoothly since suppliers stopped supplying diluents in late 2019 due to sanctions, the three sources said.

(With information from Reuters)

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Source-www.infobae.com