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Fri Sep 14, 2018, 03:27 PM

Who is running the show in Venezuela? 4.19 million barrels of oil sent to Cuba... at no cost.

Reuters: PDVSA restarts crude oil shipment to Cuba
September 14, 2018

Emilys Sarache / Sep 14 2018.- Venezuela restored the supply of medium crude to Cuba, at a time when oil processing in the country's refineries continues to fall, Reuters reported .

PDVSA shipments, which began in June and continued through August, reached 4.19 million barrels of Venezuelan crude oil, Mesa 30 category, which is used to produce fuels in national refineries and to mix it with the heaviest oil for the export.

As detailed by the news agency, since 2000 Venezuela has supplied Cuba with oil; however, it lacks cash to pay for spare parts, equipment and raw materials necessary to reverse the decline in oil processing in its refineries.

Oil production fell again in August, bringing down the country's annual output, bringing it to its lowest level since 1950. In fact, the International Energy Agency (IEA) estimated that an "imminent rise" in oil prices will come oil, caused by the fall of exports in Venezuela and Iran.

PDVSA since January has supplied Cuba with 11.74 million barrels (about 49,000 barrels per day) of crude oil, including foreign varieties, Mesa 30 of Venezuela, heavier crudes and diluted crude oil.

At the beginning of this year 2018 the state oil company was buying Urals Russian crude from oil intermediaries to supply its Cuba; however, these purchases stopped in May and shortly afterwards the company resumed the export of Mesa 30.

It is expected that this month the PDVSA refining circuit will process 373,000 barrels per day of crude, or 29% of its capacity of 1,304 million bpd.

Pdvsa executives have studied the use of foreign crude, such as the Urals of Russia, to increase the processing rates of national refineries and reduce fuel imports, but no final decision has been made.

http://www.noticierodigital.com/2018/09/reuters-pdvsa-reinicia-reenvio-crudo-cuba/

No food, medicine, electricity or running water for Venezuelans, but Maduro can supply FREE OIL to Cuba? Remember, Venezuela has to IMPORT everything, including gasoline. And they have nothing to pay for it... but they can give oil away for free?

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