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A NEW LOW : VENEZUELA IMPORTS CRUDE !!!









Daily chart

Black gold deficits

Countries that suffer when the oil price plummets
IN 2008 the oil price hit $140 a barrel. Today it is well below $90. Healthy supplies from America and weak demand (especially from China) have pushed down prices.
When the price of black gold falls, businesses and individuals cheer but oil-exporting countries suffer. According to research from Deutsche Bank, seven of the 12 members of OPEC, an oil cartel, fail to balance their budgets when prices are below $100. Last month Venezuela, a particularly inefficient member of the cartel, saw its bonds downgraded. One non-OPEC member in particular is in trouble: Russia. Economic growth is already poor. Further drops in the oil price could be very painful. After all, oil and gas make up 70% of Russia’s exports and half of the federal budget.
Will Saudi Arabia come to the rescue? It is the largest oil exporter and if it cut supply, prices could rise again. But this seems unlikely. The Kingdom is in the midst of a big fiscal boom as it tries to diversify its economy and improve living standards. For 2014, the Saudi Arabian government plans to spend $228 billion, up by 4.3% on last year. 













MT Carabobo (c) MarineTraffic.com
MT Carabobo (c) MarineTraffic.com/Loizos Nicolaou
ReutersHOUSTON, Oct 14 (Reuters) – The first tanker of imported crude ever bought by Venezuela has sailed from Algeria in a move to reduce costs by the South American state-run oil company PDVSA, according to Reuters ship tracking data and sources close to the deal.
Venezuela will start using imported Algerian crude as a diluent for its extra-heavy crude output from the vast Orinoco Belt, its main producing region, replacing the costly heavy naphtha it had been buying in recent years.
PDVSA, which has not confirmed it has been preparing to receive the country’s first crude oil import, was not immediately available for comment.
The tanker sailed from the port of Bejaia, Algeria, heading for the Jose terminal, after a short stop in Algeciras, Spain, where it was filled with bunker oil, a trader said.
With the world’s largest crude reserves, Venezuela’s oil production has been slowly falling in recent years. The OPEC member is trying to replace dwindling oil sales to the United States with shipments to Asia that are used to pay debts.
The move would imply a savings for Venezuela’s oil company PDVSA, which has been struggling with falling crude oil prices and costly refined product imports amidst an oversupplied market.
The Very Large Crude Carrier (VLCC) Carabobo, managed by a joint venture between PDVSA and Petrochina, was loaded on Oct. 10 to 11 with up to 2 million barrels of crude, the data say.
Algeria mostly exports Saharan Blend, an extralight crude of 45 API degrees of density with less than 0.1 percent sulfur.
The tanker, with a Singapore flag, is expected to arrive Oct. 26.
“PDVSA has been waiting for this cargo to arrive in October. An oil supply contract with Sonatrach was recently signed,” a source close to the deal told Reuters on Tuesday. (Reporting by Marianna Parraga; Editing by Jessica Resnick-Ault and Lisa Shumaker)
© 2014 Thomson Reuters. All rights reserved.



http://gcaptain.com/vlcc-departs-algeria-venezuelas-first-imported-crude-shipment

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