The oil economist, Rafael Quiroz Serrano, indicated that Venezuela produced 531,000 B / D in May, according to secondary sources related to the Organization of Petroleum Exporting Countries (OPEC), which represents an increase compared to the previous month’s figure when reached 486,000 B / D.
Quiroz explained that the increase in Petroleum from Venezuela (PDVSA) is possibly due to the fact that the state company is trying to take advantage of until the last moment the shipment of shipments of its mixture marketed in China, as diluted bitumen, on which a tax begins to fall 30% on each imported barrel.
The specialist warned that this would open space to receive more production and improved crude to be shipped.
“It remains to clear the unknown of how to overcome the impasse of the tax in China on the Venezuelan mixture, for which they suggested a modification in the mixture that makes it attractive according to the new requirements of the main buyer of Venezuelan oil”, said the expert .
Finally, he recalled that the Chinese refineries bought this mixture due to the advantageous conditions of the discount obtained, they also did not pay tax for this type of product and it was not included in the import quotas assigned by the Chinese government.
Source: Doble Lllave