Despite sanctions from the US, Venezuela bought Iranian crude oil.
On Saturday, a tanker using an alias name is reportedly has started to unload 2 million barrels of South Pars condensate at Venezuela’s state-run port of Jose. This purchase is the first time for Venezuela to import crude from Iran, even when it has imported a total of 1.5 million barrels of gasoline so far this year.
Venezuela’s crude output has nosedived to 339,000 bpd in July. It was the lowest level since the 1910s.
The cargo would be used by the state oil company Petroleos de Venezuela SA (PDVSA) to blend with Venezuela’s tar-like crude and help to spur production in the Orinoco oil belt.
Venezuela has been using imports to offset its decreasing light oil output, used to make its flagship blend Merey or to act as a diluent and blend with viscous types of crude to make them more marketable.
