Wednesday, December 4, 2024

Venezuela’s deteriorating oil quality riles major refiners

From Reuters Venezuela’s state-run oil firm, PDVSA, is increasingly delivering poor quality crude oil to major refiners in the United States, India and China, causing repeated complaints, canceled orders and demands for discounts, according to internal PDVSA documents and interviews with a dozen oil executives, workers, traders and inspectors. The disputes involve cargoes soiled with high levels of water, salt

Weekly Oil Storage: Draw Exceeds Expectations

The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week. Crude oil stocks fell by 5,731 MBBL last week to 462,216 MBBL, from 462,216 MBBL. This is 3% below the 468,711 MBBL that was in storage at this point last year, and is 18% above the five-year