Article

2014-10-27 Caribbean-Latin America

Supertanker Arrives With Venezuela’s First Imported Crude Oil

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Posted by Alaska Paul 2014-10-27 12:48|| || Front Page|| [10 views ] Top

#1 next up? Sand for Saudi Arabia

Posted by Frank G 2014-10-27 13:40|| 2014-10-27 13:40|| Front Page Top

#2 If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand. - Milton Friedman

...of course there would be a surplus of ~~party members~~ government bureaucrats and regulations.

Posted by Procopius2k 2014-10-27 15:26|| 2014-10-27 15:26|| Front Page Top

#3 No, Commodore Frank. Saudis will import Venezuelan Orinoco heavy crude to thicken up their light sweet crude, heh.

All kidding aside, Venezuela's reserves are supposed to exceed Saudi Arabia's. However with the more difficult extraction and refining issues of Venezuela's heavy crude, coupled with China's involvement in Venezuela's oil industry as a rescuer of the country for a righteous fee and cheap oil(China importing 640,000 bbl/day of which 200,000 goes to servicing the debt), I would say that the Venezuelan people and govt are well and truly screwed.

Posted by Alaska Paul 2014-10-27 15:34|| 2014-10-27 15:34|| Front Page Top

#4 Venezuela's Orinoco oil is viscous and has to be refined in special refineries.

I guess cutting the oil with sweeter crude is intended as a workaround while the crude upgraders are down for maintenance.

Posted by One Bandersnatch 2014-10-27 15:50|| 2014-10-27 15:50|| Front Page Top

#5 They were using Naptha, not sure why they changed diludents.

Posted by Shipman 2014-10-27 18:37|| 2014-10-27 18:37|| Front Page Top

#6 Shipman---the substitution of light crude is ostensibly is to save money from buying naptha. But I wonder what the total cost of each is, when you do the dilutions, add transportation costs, etc etc. Who knows what kind of arithmetic is used in the evaluation of alternatives in Venezuela?

Posted by Alaska Paul 2014-10-27 18:54|| 2014-10-27 18:54|| Front Page Top

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