Venezuelan refineries are unable to produce their own diluent
Letter from South America: Venezuela secures Iranian lifeline
The crude-for-diluent swap deal with Iran is underway
The Venezuelan oil industry continues to defy the odds by finding a way to survive even in the most desperate of times. The announcement last month of a deal between state-owned Pdvsa and fellow state oil firm National Iranian Oil Company—essentially to swap diluent for crude—means Venezuela can limp along for the foreseeable future. And it seems as though the deal does not just exist on paper: the first very large crude carrier laden with 2mn bl of Orinoco Belt heavy crude is departing Venezuelan waters this month, after disgorging its original cargo of Iranian condensate in the sanctions-strapped South American nation. As the Iranian oil industry is also dealing with US sanctions, the two
Also in this section
29 May 2025
A cautious approach to coal-to-gas switching offers lessons to others who are looking to balance cost with cleaner energy
28 May 2025
The country may have the resources, but sanctions and a lack of market access make its gas ambitions look very questionable
28 May 2025
Saudi Arabia and US relations can construct a new ‘field of dreams’, but opportunism may be the new rules of the game
28 May 2025
A shortage of options for the development of port infrastructure to service oil and gas majors is a stumbling block the country needs to overcome to fulfil its potential
