Venezuela's crude supply decline supports Merey differentials
after close1 source ↓written by the desknot a recommendation
- in November due
- 650 kbd
Venezuela's crude supply is set to decline by ~250 kbd to 650 kbd in November due to operational crises at the José industrial complex, including a fire at the Petrocedeno upgrader. This outage, along with earlier unit closures, limits heavy crude processing capabilities, providing near-term support to Merey crude differentials amid fluctuating demand in Asia. 📉
• Operational capacity: Only Petropiar remains operational
• Domestic supply: Multi-year low expected
• Market impact: Support for crude differentials likely
Not investment advice. For informational purposes only.