The Organization of Petroleum Exporting Countries (OPEC) published in its November report that Venezuela increased its oil production for the fourth consecutive month, achieving an average of 625,000 barrels per day, which represents an increase of 15,000 barrels per day, compared to the month of October, and 89 % when compared to the same month last year.

The OPEC report also indicates that the South American country registered a very important increase, in a year and a half, when observing the minimum level reached in July 2020, which reached 392,000 barrels per day.

The data provided in the report indicates that Iran reduced its production by 15,000 barrels a day, while Libya decreased its production by 9,000 barrels per day, which means a depreciation in production 2.47 % for Iran and 1.14 % for Libya.

OPEC trusts that it will be able to gradually increase its supply of crude oil in the global arena, together with Russia and other allied partners that will continue to offer services so that they can satisfy the existing demand in the world.

Recovering the markets

OPEC is cautious about the market outlook, maintaining demand for 2022. In this area, the organization expects oil consumption to return to its pre-pandemic level in the second half of 2022.

After the historical plunge of almost 10 % in 2020, demand increased this year by 5.65 million barrels per day, or 6.22 %, to average 96.44 mbd. While for next year another increase of 4.15 mbd (4.3 %) is expected, which would reach 100.79 mbd, a level slightly higher than that registered in 2019 (100.10 mbd), before the fall triggered by the restrictions imposed in the fight against Covid-19.

M. Rodríguez

Source: elnacioanal.com

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The United States‘ imports from Russia of crude and refined petroleum products increased 23 % compared to May to reach about 844,000 barrels per day. This is demonstrated by the information published by the Energy Information Administration (EIA) of the US Department of Energy.

These data reveal that Russia is supplying more oil to the US than any other foreign producer apart from Canada, making the Eurasian country the second largest supplier of crude to the US after surpassing Mexico, whose shipments they suffered an increase below 3 %.

Some experts consider that Russia has become a favorite source for US fuel manufacturers because it produces a “wide range of semi-refined oils such as Mazut 100, an ideal raw material for US refineries used to processing thick and thick crude from Venezuela and the Middle East.”

The records of the Federal Customs Service of Russia reveal that the US acquired a “fifth of the country’s total exports of heavy oil during the first five months of 2021″, becoming the largest buyer of these products, in which highlights Mazut 100.

The data show that despite the differences and political tensions between the two countries, trade relations are increasing and Russia is a strategically very important partner for the US in the energy sector.

M. Rodríguez

Source: actualida.rt.com

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