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Russia replaces Venezuela with oil exports to the United States

The International Energy Agency in its March report is devoted to the warning about the consequences of the blackout that occurred in Venezuela in the oil sector and refers to those who are profitable in the petroleum market that loses the PDVSA for the imposition of sanctions by the United States government , outlined the El Mundo portal from Energía.

"Other producers have already taken advantage of Venezuela's problems: Given that exports to the United States have dropped after sanctions, Russia has taken the opportunity to increase its supplies to the United States from relatively modest levels of around 150,000 barrels. newspapers, "says the IEA.

The United States Department of Energy reported that on average Russia has exported 375,000 barrels a day to the North American nation, which means that this increase will be over 500,000 barrels per day. Other countries that are preferred by the Venezuelan oil industry for the purposes of their foreign trade are Canada, Colombia and Brazil.

This organization pays tribute to the fact that Venezuelan oil production stabilizes at 1.2 million barrels per day before the loss of electricity, except that it mentions that PDVSA is currently sending Venezuela about 400,000 barrels of crude oil to China and India.

The volume mentioned by the IEA differs from other international organizations that mention 1 million barrels a day, or what the OPEC oil ministry reported, which shows data above 1.4 million barrels per day.

"The electricity crisis has paralyzed most of the country for considerable periods of time, and oil operations have also been severely affected, which could generate huge losses and pose a challenge to the market," the report said. agency. "Although there are indications that the situation is improving, the degradation of the energy system is such that we can not be sure that the solutions are lasting," he says.

The IEA also rejects the critical consequences of the Venezuelan oil market situation in case of serious disturbances.

Before the serious situation in Venezuela became apparent, the agency reviewed the oil market for the first half of 2019 by forecasting demand growth, cutting OPEC production due to the problems in Iran and Venezuela and increasing US production, which in its opinion this institution may generate a slight surplus of output in the first quarter of the year, but for the second semester it may reach a deficit of 500,000 barrels per day in the second quarter, not taking into account that Saudi Arabia announced further reductions in its exports in April.

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