https://oilprice.com/Latest-Energy-News ... Bleak.html
My take is that the situation in Venezuela is going from "bad" to "worse". I mean VERY BAD for the people and much lower oil exports.
Update on Venezuela - June 7
Update on Venezuela - June 7
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Update on Venezuela - June 7
TPH Morning Notes on June 8, 2018
Venezuela: All Signs Point to No Relief
Declining production, export troubles, and empty promises
No surprises here, as “re-election” of Maduro, at best, means further economic malfeasance applied to an already struggling people and nation. OPEC reports point to current production levels of ~1.4mmbpd, well below targeted 1.972mmbpd. Active rigs in the nation have tumbled to 5-year lows with 25 rigs running vs. 45 entering the year (peak of 81 Q2'13). Production declines along with seizure of Caribbean facilities showing their teeth with an accelerating export backlog with a reported 80 ships waiting in Venezuelan waters to on-load crude and products. April data shows crude export miss of ~650mbpd for PDVSA and short deliveries to a client list that includes COP, CVX, and VLO. Maduro rhetoric calling for a ‘revolution' to increase production by 1mmbpd this year, and if you believe that, I have a bridge to sell you.
Venezuela: All Signs Point to No Relief
Declining production, export troubles, and empty promises
No surprises here, as “re-election” of Maduro, at best, means further economic malfeasance applied to an already struggling people and nation. OPEC reports point to current production levels of ~1.4mmbpd, well below targeted 1.972mmbpd. Active rigs in the nation have tumbled to 5-year lows with 25 rigs running vs. 45 entering the year (peak of 81 Q2'13). Production declines along with seizure of Caribbean facilities showing their teeth with an accelerating export backlog with a reported 80 ships waiting in Venezuelan waters to on-load crude and products. April data shows crude export miss of ~650mbpd for PDVSA and short deliveries to a client list that includes COP, CVX, and VLO. Maduro rhetoric calling for a ‘revolution' to increase production by 1mmbpd this year, and if you believe that, I have a bridge to sell you.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group