There are plenty of nuggets in the EIA’ Short Term Energy Outlook released yesterday:
“Venezuela’s crude oil production has declined since 2016 because of operational and financial difficulties. EIA estimates Venezuelan crude oil production averaged 1.9 million b/d in November 2017, down from 2.4 million b/d as recently as December 2015. Reduced production has lowered the available amount of Venezuelan crude oil for export, with some cargoes being diverted away from the United States to other countries to repay oil-for-loan agreements. Citgo Petroleum Corporation is a wholly-owned refinery subsidiary of Venezuela’s national oil company, Petroleos de Venezuela SA (PDVSA)….”
“Overall, total U.S. crude oil imports from Saudi Arabia fell to the lowest level in 30 years, with some of that decline made up by increased imports from Iraq.”
“Motiva Enterprises LLC, which owns the largest refinery in the United States in Port Arthur, Texas, is a wholly- owned refinery subsidiary of Saudi Arabia’s national oil company, Saudi Aramco.”
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