I track the Austin Chalk here.
**************************
Cuba Impacted By Venezuela's Woes
From Reuters, data points:
- Cuba-Venezuela: a 15-year oil assistance program
- Venezuela will cut exports to Cuba
- signals an unraveling of that 15-year assistance program
- Cuba: reliant on Venezuela -- its top energy supplier
- this year: 53,500 bopd from Venezuela, a 40% cut since 1H15
- Cuba receives 4% of Venezuela's total oil exports
- Cuba was the last to feel the impact; earlier: Uruguay, Jamaica, Dominican Republic
- on top of everything else, it's the type of oil that makes the problem worse
- Cuba has been getting Mesa 30 oil, a medium weight oil
- Venezuela needs Mesa 30 oil as a diluent for his heavy oil refining
- Venezuela needs to cut exports of Mesa 30, the very oil Cuba nees
- forecast: Venezuela production will fall to lowest level since a devastating strike at PDVSA in 2002/2003
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.