Joe deSousa
Preliminary data from Kpler shows that the country's oil exports decreased by 260,000 barrels per day last month, reaching a total of 520,000 barrels per day, as the U.S. naval blockade of sanctioned ships carried on throughout January.
This resulted in storage tanks becoming full and the closure of certain fields.
However, once OFAC cleared Venezuela, exports increased during the last week of January and once more surpassed 700,000 barrels per day.
In addition, the National Assembly passed a new law on hydrocarbons that allows private companies to participate in production, lowers royalty and tax rates, increases investor rights such as marketing privileges and access to arbitration, and reduces the compulsory control previously held by the state-owned company PDVSA in joint ventures.
source: reuters.com
This resulted in storage tanks becoming full and the closure of certain fields.
However, once OFAC cleared Venezuela, exports increased during the last week of January and once more surpassed 700,000 barrels per day.
In addition, the National Assembly passed a new law on hydrocarbons that allows private companies to participate in production, lowers royalty and tax rates, increases investor rights such as marketing privileges and access to arbitration, and reduces the compulsory control previously held by the state-owned company PDVSA in joint ventures.
source: reuters.com
