The state oil company of the South American country, Petroecuador, issued a statement through which it specified that its crude oil exports between January and March 2023 exceeded 25 million barrels.

Petroecuador made the information public on Tuesday, from which it appears that the company obtained more than 1,500 million dollars in income.

Of the 480,000 barrels per day of crude produced by Ecuador, 70 % is destined for export. The rest is used in the domestic market, refining derivatives for gasoline.

According to the statement: “Of the total exported, 13.3 million barrels corresponded to the so-called ‘West crude’, of intermediate quality (24 degrees API); 9.3 million barrels to ‘Napo crude’, heavier (17 degrees API), and 2.6 million barrels to ‘fuel oil’, used especially for electricity generation”.

Considering that oil constitutes one of the main sources of income for the country, Petroecuador has improved its marketing policy, in order to “improve the processes of selling crude oil in international markets, framed in principles of legality, fair treatment, equality, opportunity, competition, publicity and transparency”.

M.Pino

Source: finanzasdigital

(Reference image source: Worksite Ltd., Unsplash)

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In its most recent report, OPEC forecasts a sustained increase in demand for crude oil until 2025, taking as a reference the requirements in the transport and technology sectors.

The report of the Organization of Petroleum Exporting Countries, published this Monday, indicates that the increase in the demand for crude will be the result of the “push of the African countries, India and other Asian countries, to feed the transports and the expansion of their middle classes.

According to the cartel, in 2021 global demand stood at 96.9 mbd; and by 2035 consumption would be at 109.5 mbd. Experts have indicated: “The demand of the OECD countries presents a declining trajectory after 2024, and will fall to 34 mbd” by the year 2045, compared to the demand of 2021, which reached 44.8 mbd, indicate the authors. Of the report.

At the same time, they point out that due to the expansion of the middle class, demographic growth and potential economic development in non-OPEC countries, the demand for crude oil will also rise, reaching 24 mbd.

Among the countries with the greatest impact on this increase in the demand for crude oil in the coming years and even until 2045 are China, India and other Asian countries, as well as African nations, “where economic progress, urbanization, industrialization and the expansion of the automobile fleet will be faster”, the organization has pointed out.

M.Pino

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Source: primicia

La entrada OPEC: oil demand will grow until 2035 apareció primero en Bitfinance.

Venezuela’s dependence on Iranian crude continues to grow. In the coming days, tankers from Iran with a cargo of crude oil of some 1,220,000 barrels, in addition to another 2,000,000 of condensate, are expected to arrive on the Venezuelan coast, in Anzoátegui State.

Spokesmen for the Venezuelan oil company PDVSA have released the news. The company requires a large quantity of diluents provided by Iran to convert the heavy oil into that needed for export. On the other hand, PDVSA also uses Iranian hydrocarbons to produce the gasoline that the Latin American country requires.

According to information provided to the media, this month Venezuela received supplies from Iran through the Very Large Crude Carrier oil tanker, operated by the National Iranian Tanker Company (NITC).

Iran has increased the supply of oil to Venezuela in recent months, in the midst of a global crisis that includes sanctions on the Caribbean nation from the United States and the destabilization generated by the Russia-Ukraine confrontation.

Venezuela has received Iranian South Pars condensate, mainly used in the oil tanker fleet. At the beginning of 2022, the company Naftiran Intertrade Company Ltd. signed a contract with PDVSA for 110 million euros that allowed the renovation of one of the Venezuelan refineries. The commercial collaboration continues, through the importation of Iranian crude and condensate.

M.Pino

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Source: bancaynegocios

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The price of a barrel of Brent crude, a benchmark for Europe, again exceeded the threshold of 100 dollars on Wednesday, after Saudi Arabia speculated on the possibility of an adjustment in the production of the Organization of Petroleum Exporting Countries (OPEC). ) and waiting to know the inventory data in the United States.

In this way, the price of a barrel of Brent oil reached 100.28 dollars on Wednesday, after falling to 91.52 dollars per unit on August 17.

In the case of West Texas Intermediate (WTI) crude oil, a reference for the United States, the price of a barrel rose to 93.84 dollars, which represents a revaluation of almost 10% since it touched 85.73 dollars last August 16th.

The Organization of the Petroleum Exporting Countries (OPEC) is already producing 2.9 million barrels a day less than its target, according to the sources, complicating any decision on oil production cuts or how to calculate the baseline for a production reduction.

K. Tovar

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Source: TVAzteca

La entrada Oil price goes back above 100 dollars apareció primero en Bitfinance.

The US government will allow Italian oil companies Eni SpA and Spanish Repsol SA to start shipping Venezuelan oil to Europe as a way to offset Russian crude starting next month.

The US State Department authorized the two companies to resume shipments through a letter issued last month. However, the details or restrictions are unknown.

Joe Biden hopes that with the restoration of Venezuelan oil flows “it can help Europe reduce dependence on Russia and redirect some of Venezuela’s shipments from China.”

Some sources consider that this new decision by Washington could “provide a symbolic boost” to the Venezuelan government, although they admit that the “volume of crude that Eni and Repsol are expected to receive is not a large amount.”

On the other hand, the sources highlight that the United States considers that “PDVSA will not benefit financially from these cashless transactions, unlike the current sales of oil from Venezuela to China.”

M. Rodríguez

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Source: bancaynegocios.com

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The ministers of the oil sector of the 23 countries that make up OPEC+ (OPEC and allies) decided to increase their oil production to 400,000 barrels per day during the month of February, despite the uncertainty that the world is experiencing as a result of the pandemic and the new omicron variant.

This increase is part of the plan established in 2021, when the organization established a monthly increase of 400,000 bpd from last August to September 2022, after evaluating the behavior of the sector. But to date the group has maintained the strategy, which is why as of February 1st, crude oil extractions will be located at 40,894 million mbd.

A representative of the group pointed out: “It has been decided to maintain the current strategy”, after the virtual meeting where the ministers of the different countries that make up the group participated.

OPEC+ continues to recover its production

The conclusions of the meeting of the OPEC + group did not bring surprises for the global oil market. In the group’s final statement, released to the media, they state: “In view of the current fundamentals of the oil market and the consensus on its prospects, the ministers certified the decision to adjust monthly global production upwards by 0.4 million barrels per day (mbd) in the month of February 2022.”

OPEC will supply the market with some 24,808 mbd. This figure does not include pumping from Venezuela, Iran and Libya. While 16,086 mbd will be contributed by the group of the ten allied independent producers, with Saudi Arabia, on behalf of OPEC, and Russia, a non-member, the largest producers and exporters of the group, standing at 10,227 mbd.

M. Rodriguez

Source: swissinfo.ch

La entrada OPEC + will increase its production by 400,000 barrels per day apareció primero en Bitfinance.