Venezuela Restarts Gasoline Production at Cardon Refinery
Venezuela’s state-run oil company, Petroleos de Venezuela, has resumed gas output at Cardon refinery in the midst of widespread fuel shortages.
Venezuela’s state-run oil company, Petroleos de Venezuela, has resumed gas output at Cardon refinery in the midst of widespread fuel shortages.
Venezuela’s state-run oil company Petroleos de Venezuela (PDVSA) has created a new unit to run its oil terminals.
OPEC produced 29.6 million per day (b/d) in June, down by 170,000 b/d compared with May.
Russian energy minister Alexander Novak has expressed confidence that the OPEC-led group of crude exporters are capable of covering potential supply shortages.
Signatories to the OPEC non-OPEC supply cut agreement reduced production in July by 9% more than agreed, according to an official committee.
Kuwait started raising its oil output by 85,000 barrels per day (b/d) from July 1, in accordance with the recent agreement between OPEC and non-OPEC producers to increase production by 1 million b/d.
Oil prices rose on June 27 after US officials ramped up pressure on its allies to end imports of Iranian crude by November.
Saudi Aramco has 2 million barrels per day (b/d) in spare capacity, double the expected OPEC-sanctioned increase in production.
OPEC has agreed with Russia and other non-OPEC producers to raise oil production from July.
Oil prices fell on June 21 as producers prepared to discuss the lifting of production cuts at the biannual OPEC meeting on June 22 in Vienna.