Between January and May 2022, Petróleos de Venezuela (PDVSA) has obtained revenues of more than 6,100 million dollars, equivalent to more than 69 % of the financial resources that entered the Treasury of the state company during the same period of 2021, to despite the stagnation of exports.

The international reference price for Venezuelan oil is stipulated by the price of Merey crude, which reached a price of over 88 dollars per barrel in May, which impacted revenues of over 1,300 million dollars.

The average price of Merey for the first months of this year reached 79.13 dollars per barrel, a level that is 78.5 % higher than that registered in 2021. While external sales during the year registered 5 % below of what was reported last year, which represents about 617,336 barrels per day.

Export expectations

Venezuela had the expectation of exporting, by this date, some 800,000 barrels per day and for the second half of the year more than one million barrels per day had been estimated, but the limitations that the state-owned PDVSA has had to increase production and the increase in domestic consumption has curbed export expectations.

The national executive expects that income from oil exports will be taxed between 14,000 and 15,000 million dollars if the price of crude oil is maintained at current levels. However, there are other more positive projections such as the one by Ecoanalitica that highlighted, two months ago, that its estimates ranged between 13,000 million to 17,000 million dollars.

If the country had a production between 2 and 2.5 million barrels per day, those revenues would only represent 31 %.

M. Rodríguez

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Source: themoneypost.io

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The US Energy Information Agency (EIA) announced that commercial oil reserves in the United States increased by 9.4 million barrels; however, gasoline storage suffered a sharp decrease equivalent to 3.6 million barrels, while distillate products reached 2.9 million.

According to the information, US crude oil reserves “amount to 421.8 million barrels.” The increase of 9.4 million barrels is much more important than that projected by experts, who estimated an increase of 1 million barrels.

The EIA highlighted that these figures “are 13 % lower than the average of the last five years for the same period” and the growth of US commercial crude oil reserves is a consequence of the “fall in exports, a decrease in activity in refineries and somewhat weaker demand.”

Strategic reserves decrease

The increase in commercial crude oil reserves in the United States “must be relativized”. It is important to analyze the situation because it affects other variables in the country such as strategic reserves, which registered a “fall of almost 4 million to 560.7 million barrels.”

As will be remembered, the President of the United States Joe Biden decided to use the strategic reserves as a measure to try to contain the price of gasoline, which has caused a decrease equivalent to “about 60 million barrels in six months”.

Once the EIA report was published, “a barrel of Brent from the North Sea for delivery in June gained 1.75 % to 106.47 dollars, while West Texas Intermediate (WTI) gained 1.41 % to 102.02 %”.

M. Rodríguez

Source: bancaynegocios.com

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The economist and oil expert Rafael Quiroz pointed out that the most Venezuela could produce this year is one million barrels per day. In his opinion it is “impossible” for the country to produce 2,000,000 barrels of crude oil per day, as it has proposed. the Venezuelan government.

Quiroz expressed during an interview with the Venezuelan Finance Observatory (OVF) that one million barrels per day could be reached if Venezuela meets at least two conditions: the first would be to settle the debt with Chevron, to whom the state-owned PDVSA owes more than 2,000 million dollars and the second is related to the relaxation of the sanctions that Venezuela has by the United States.

The economist explained that in order to reach the goal proposed by the national government it is necessary to increase “production during this year by more than 1,100,000 barrels per day” and recalled that the “only countries that have managed to increase production by more than one million daily It has been the United States and Saudi Arabia.”

He reminded the expert that the best years of the oil sector in Venezuela were at the beginning of the seventies, when in 1971 the country managed to increase its annual production to “474,000 barrels per day and in 2004, with 410,000 barrels per day”. In his opinion, in 1971 the oil industry experienced one of its best moments “with all the concessionaires working full time.”

PDVSA’s effort

Venezuela, according to figures published by specialized sources, during 2021 obtained an average production of around 665,000 barrels per day, to close the month of December with 872,000 barrels per day.

In the months of January and February 2022, production has decreased to “857,000 barrels per day and 845,000 barrels per day, respectively, and it is expected that in March there will also be a slight drop to 825,000 barrels per day.”

Of that daily production, what Petróleos de Venezuela S.A. (PDVSA) calls “own effort” is equivalent to “38 % of the total, that is, about 231,000 barrels per day.”

M. Rodríguez

Source: finanzasdigital.com

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Brazil aspires to become one of the five main oil producing and exporting countries in the world by 2030. This was announced by the Minister of Mines and Energy of Brazil, Bento Albuquerque, within the framework of the Saudi Green Initiative forum held in Riyadh.

The minister stressed that to achieve the goal, the South American country is “moving fast and aspires to be one of the main exporters and producers of crude oil and gas.”

Additionally, Albuquerque explained that Brazil for 50 years has been developing an energy policy that has allowed it to build a “hydroelectric plant, a nuclear program and even a bioenergy program, with the use of biofuels from sugar cane”. It has generated a cleaner energy production and in line with environmental protection standards.

The Saudi Green Initiative aims to analyze the different sustainable strategies to minimize emissions among the countries with the most mineral resources on the planet. The panel was made up of the ministers of Kuwait, Egypt, Niger, Nigeria, Azerbaijan and Brazil.

The Minister of Mines and Energy also stressed that the energy sector requires national and international investments and for this it is essential to have consistent and adequate “public policies”, which in his opinion “Brazil is doing very well.”

Albuquerque stressed that his country is currently working on two plans: “one for expansion, for 10 years and the other for 30 years,” which indicates the way to the future.

M. Rodríguez

Source: bancaynegocios.com

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OPEC, in its monthly report on the oil market, pointed out that, despite the evolution of the Covid-19 pandemic, the global economic reactivation continues and “will not reduce the oil demand forecast for 2021 and 2022″.

However, in the report, the organization admits that the development of the pandemic will be “the determining factor in the pace of recovery, with the possible appearance of new variants or mutations as a risk.”

OPEC analysts are reserved when referring to the “impact of the delta variant of the coronavirus”, whose effect has been felt in the last 2 months due to its expansion in important economies, although the average price of a barrel of OPEC crude was located at $ 73.53 for July, its highest value since October 2018, something the group attributes to “the solid fundamentals of the market.”

Global recovery

The oil organization, which controls 40% of world crude production, forecast “world growth by 0.1% in both 2021 (5.6%) and 2022 (4.2%)”, keeping unchanged the demand established for those periods.

According to the data issued in the report, demand for 2021 remains similar to that established for last month, with an annual increase of around 6 million barrels per day (mbd), up to 96.6 mbd. While for 2022 the forecast demand registers a small growth of another 3.3 mbd to a total of 99.9 mbd, to reach the levels prior to the Covid-19 pandemic.

However, the United States is asking OPEC to increase production and offer crude to the market, in order not to risk the recovery of the world economy, because with current prices “there is a risk of damaging the global recovery.”

The national security adviser, Jake Sullivan, stressed that, “although OPEC and its allies had recently agreed to increases in production, this increase did not compensate for the previous cuts.”

Information broadcast by the CNBC news channel highlights that the White House “has transmitted to Saudi Arabia, the United Arab Emirates and other members of the alliance that message that their plans are simply not enough, given the critical moment in the global recovery.”

M. Rodríguez

Source: bancaynegocios

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Oil price registered a depreciation at the close of the day on July 15 due to the possibility that the OPEC+ alliance agreed to an increase in supply and after knowing an increase in gasoline reserves in the United States, which causes concerns about the product demand.

The price of a barrel of Brent crude closed last day, for the London futures market, at 73.47 dollars, which represents 4.3 %. Crude from the North Sea, a benchmark in Europe, fell 3.3 dollars compared to the previous day, while that of Texas also closed down, reaching 71.65 dollars, which represents 2.02 % less.

The New York Mercantile Exchange also posted a $ 1.48 drop in WTI futures contracts. For their part, gasoline contracts due in August fell 4 cents to $ 2.25 per gallon, while natural gas contracts, for delivery in the same month, fell 5 cents to $ 3.61 thousand cubic feet per gallon.

The market continues to wait for OPEC and its partners (OPEC+) to agree on the level of pumping for the coming months, after cutting production last year to stabilize prices in the face of falling demand due to the pandemic.

M. Rodríguez

Source: bancaynegocios.com

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The ministers of the nations that make up the Organization of the Petroleum Exporting Countries plus Russia confirmed that they will continue with the plan to progressively increase the supply of crude oil by 2 million barrels per day, as agreed last April.

The statements were offered at the end of a virtual meeting where they revalidated the commitment, highlighting the recovery of the planet’s energy demand, for which they do not consider it necessary to change the established scheme.

However, they agreed to meet on July 1st to evaluate the market’s behavior and make decisions that will be carried out as of August.

OPEC +, led by Saudi Arabia and Russia, awaits the return of Iranian crude to the world energy market.

M. Rodríguez

Fuente: abc

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