Venezuela boycotted oil industry under Iranian umbrella

Young Journalists Club | Latest news of Iran and world

News ID: 57021
Publish Date: 12:43 - 22 May 2022
Sunday, 22 May 2022 (YJC)_ "After the visit of its oil minister to Nezuela, Iran has taken action to support Venezuela's sanctioned oil sector and, in addition to gas condensate, also sends its heavy crude oil to this country," Argus Media analytical and news site wrote.

Venezuela boycotted oil industry under Iranian umbrellaIran stepped in to support Venezuela's embargoed oil sector following a visit to Caracas by Iranian Oil Minister Javad Oji earlier this month.

According to an informed source, Oji and his Venezuelan counterpart, Tariq al-Isami, signed an initial contract in early May to supply Venezuelan refinery equipment and help repair the 140,000-barrel state-owned El Palito refinery in Carabobo state.

According to the report, the agreement will deepen the existing cooperation between the two countries. Iran's support for improving Venezuela's crude oil production, which Argus estimates has risen from 470,000 barrels per day in January to April last year to 700,000 barrels per day in the same period this year, has been crucial.

Iran sends condensate shipments under a refining contract with Venezuelan crude to dilute and improve super-heavy oil from the Orinoco oil field to an exportable crude oil.

Statistics from the Vertexa oil consignment company show that Iran is currently sending heavy crude oil to Caracas, and that the Dino tanker will ship 370,000 barrels of this oil to the Venezuelan Jose terminal on May 7. Has evacuated.

Iranian heavy oil is a lighter alternative to Venezuelan Mary oil.

The following is the report:
It is unknown at this time what he will do after leaving the post.

Argus claims:
Chinese buyers of Iranian oil, whose main customers are both Iranian and Venezuelan oil, also have the option of importing Russian Ural oil, which is offered at a great discount. Moscow is preparing to send its oil to China instead of Europe in the event of an EU oil embargo.

At the same time, Venezuela's oil production could increase further if the Venezuelan state-owned oil company's joint venture partners, especially Chevron, resume operations in the country. Chevron left the country in 2019 due to US sanctions.

The White House announced this week in a gesture of goodwill to encourage talks between Venezuelan President Madaro and the opposition coalition led by Juan Guido.
It gives Chevron more leeway to negotiate its future operations in Venezuela, but without real progress in those negotiations, lifting the sanctions would be unlikely.

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