Iran's gasoline shipments to Venezuela are helping to ease a supply glut at home. Iran's parallel support for Venezuelan state-owned PdV's effort to repair its refining system have the added effect of needling Washington, which has boasted of success in sanctioning the two OPEC producers.
Four fuel tankers loaded in Iran have exited the Mediterranean and are heading toward Venezuela, with a fifth vessel not far behind. The first tanker is due to arrive at a Venezuelan port early next week.
The shipments follow numerous Iranian Mahan Air flights ferrying refinery catalyst and Chinese equipment into Venezuela to help restart PdV's 940,000 b/d CRP refining complex. PdV is aiming to restart gasoline production at two refineries – Cardon and Amuay – by mid-July.
US officials say Iran is receiving gold from Venezuela's central bank in exchange for the refinery work and oil supplies. For Venezuela, the supply is meant to alleviate a severe fuel shortage that has been sharply aggravated by US oil sanctions imposed in January 2019.
