Generic Hero BannerGeneric Hero Banner
Latest market news

PdV boosts refinery runs, fuel gap persists

  • : Crude oil, Oil products
  • 20/10/12

Venezuela's state-owned PdV is approaching 200,000 b/d of throughput at its 940,000 b/d CRP refining complex although sustained operations remain elusive.

The complex located on the Paraguana peninsula consists of the 305,000 b/d Cardon refinery and the nearby 635,000 b/d Amuay refinery, the largest and traditionally most advanced parts of PdV's debilitated 1.3mn b/d refining system.

The CRP currently is processing a combined 197,000 b/d of medium quality crude, including 57,000 b/d at Cardon's distillation unit CD-1 and 140,000 b/d at Amuay's CD-1 and CD-4 units. The CRP has a total of nine CDUs, five at Amuay and four at Cardon.

Cardon is producing about 25,000 b/d of 83 RON gasoline from its 86,000 b/d fluid catalytic cracker. PdV expects to restart Cardon's 54,000 b/d naphtha reformer in coming days, doubling gasoline production to about 50,000 b/d. Repairs are also focused on restarting a second crude distillation unit, plus 25,000 b/d of alkylation, 185,000 b/d of hydrodesulfurization (HDS) and hydrotreatment (HDT) capacity, and MTBE/TAME units.

Amuay's 108,000 b/d FCC, 258,000 b/d HDS and 22,000 b/d alkylation units have been out of service for up to four years. "Cardon is our main priority, although we are working on adding more distillation capacity and repairing the FCC at Amuay," a CRP manager said.

PdV's efforts since May to restart gasoline production at its 140,000 b/d El Palito refinery in Carabobo state have repeatedly failed, sparking fires and oil spills. "Operators were able to very briefly raise El Palito's FCC production up to 35,000 b/d before the latest fire broke out," a PdV manager at the refinery said.

Since early October, PdV has been trying to repair crude distillation and other units at its 190,000 b/d Puerto La Cruz refinery as well.

The refinery, located in Anzoategui state, was the subject of an estimated $9bn upgrade by Korean-Chinese consortium Hyundai Wison before the project stalled around 2017 on lack of payment from PdV.

The upgrade would have boosted crude processing capacity to 210,000 b/d and installed equipment to process Venezuela's extra-heavy crude, freeing up lighter grades for blending.

PdV's chronic refining problems, which are aggravated by a lack of steady industrial services, have left many Venezuelan service stations dry in recent months, with brief respites from Iranian gasoline shipments.

The Venezuelan company routinely blames its operational problems on US sanctions.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

25/05/15

New Zealand approves rules to raise jet fuel storage

New Zealand approves rules to raise jet fuel storage

Sydney, 15 May (Argus) — New Zealand has approved regulations to increase jet fuel storage in or around Auckland Airport before November next year to stop fuel supply disruptions. The regulations approved by New Zealand's government mean that fuel companies have until 1 November 2026 to invest in sufficient fuel storage, allowing them to have 10 days' worth of cover at 80pc operations , a measure introduced in a 2019 inquiry. New Zealand imported an average of around 22,000 b/d of jet fuel in the three months to 12 May, according to trade analytics platform Kpler data. Fuel companies have also agreed to invest in a new storage tank near Auckland Airport, according to New Zealand's associate energy minister Shane Jones. Auckland Airport had a pipeline rupture in 2017 that impacted almost 300 flights and resulted in an inquiry in 2019. The recommendation from the inquiry has not been met by fuel companies, said Jones, leaving New Zealand at risk of fuel supply disruptions. The government also updated the rules regarding fuel companies giving government visibility on the amount of jet fuel they hold near Auckland Airport. Jet fuel importers in Australia must have a baseline stock level of 27 days since July 2024, up from 24 days previously. By Susannah Cornford Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IEA sees slightly better oil demand outlook


25/05/15
25/05/15

IEA sees slightly better oil demand outlook

London, 15 May (Argus) — The IEA has nudged up its global oil demand growth forecasts for this year and 2026, citing better macroeconomic forecasts and the effects of lower oil prices. In its latest Oil Market Report (OMR), published today, the Paris-based watchdog raised its projected increase in oil consumption by 20,000 b/d to 740,000 b/d in 2025, bringing overall demand to 103.9mn b/d. It increased its oil demand growth forecast for 2026 by 70,000 b/d to 760,000 b/d. In its previous OMR the IEA cut its oil demand forecasts for 2025 by 310,000 b/d after the US' announcement of an array of import levies in April. But the IEA said today the tariff supply shock appeared less severe than initially implied, pointing to subsequent US trade arrangements with the UK and China. US talks with other countries continue. "Subsequent pauses, concessions, exemptions and negotiations are likely to attenuate the levies' permanence and economic impact," the IEA said. But it said policy uncertainty continued to weigh on consumer and business sentiment, and it sees oil consumption growth slowing to 650,000 b/d between now until the end of 2025, from 990,000 bd/ in the first quarter of the year. Its demand growth forecast for 2025 is 320,000 b/d lower than at the start of the year. The IEA increased its global oil supply growth forecast by 380,000 b/d to 1.61mn b/d in 2025, with almost all the rise accounted for by the Saudi-led unwinding of Opec+ cuts. It nudged its oil supply growth forecast for 2026 up by 10,000 b/d to 960,000 b/d. Eight Opec+ members earlier this month agreed to continue accelerating the pace of their planned unwinding of 2.2mn b/d of crude production cuts for June. The IEA again revised down its supply growth forecasts for the US, mainly because of the effects of lower oil prices on US shale producers. It downgraded US growth by 50,000 b/d to 440,000 b/d for 2025 and by 100,000 b/d to 180,000 b/d for 2026, and said US tight oil production in 2026 would contract on an annual basis for the first time since 2020. The IEA said sanctions on Russia, Iran and Venezuela are a key uncertainty in its forecasts. It noted that Russian crude supply grew by 170,000 b/d in April as crude prices fell below the G7 $60/bl price cap. The IEA's balances show supply exceeding demand by 730,000 b/d in 2025 and by 930,000 b/d in 2026. It said global observed stocks rose by 25.1mn bl in March, with preliminary data showing a further rise in April. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Shale unable to absorb price decline: Continental


25/05/14
25/05/14

Shale unable to absorb price decline: Continental

New York, 14 May (Argus) — Shale output growth plans are being sidelined for the time being as this year's decline in oil prices curtails investment into the sector, according to the chief executive officer of Continental Resources. "There's nothing that we can use in the industry to absorb a $10/bl drop in price from a technology standpoint," chief executive officer Doug Lawler said at the Super DUG Conference & Expo 2025 in Fort Worth, Texas, today. "There are not capital efficiencies that can be captured that makes up $10/bl." The pullback in capital that is starting to be seen across the industry as a result of the price rout caused by uncertainty around President Donald Trump's tariffs and surging Opec+ supply will continue as the year progresses, Lawler said. Top shale company executives have warned in recent weeks that shale is in for a rough ride given the price drop, which has since stabilized following a US-China trade truce agreed last weekend. US onshore crude production has likely peaked , according to leading independent Diamondback Energy, while Occidental Petroleum chief executive Vicki Hollub warned the peak could come sooner than expected . "I would maybe caveat it just a little bit different, and not call it a peak, necessarily, but I think we're in for a period of a plateau," Lawler said today. Earlier this year, Continental announced a joint venture with Turkey's national oil company and US-based TransAtlantic Petroleum to develop oil and gas resources in southeast and northwest Turkey. "We don't see it necessarily as an international strategy," Lawler said. "We really see it more as a continuation of the history and heritage of the company, of being exploration-focused." It also should not be viewed as the company seeing a lack of domestic opportunities, given 5-10pc of its overall annual capital budget will be directed at exploration over the next few years. Continental, which was founded by shale billionaire and leading Trump donor Harold Hamm in 1967, is the largest leaseholder and producer in the Bakken basin. It also has positions in the Scoop and Stack plays of the Anadarko basin of Oklahoma, and is also active in the Powder River Basin of Wyoming and Permian basin of Texas. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Bolivian president bypasses reelection


25/05/14
25/05/14

Bolivian president bypasses reelection

Montevideo, 14 May (Argus) — Bolivian president Luis Arce will not run for a second five-year term and instead backed a united front to elect another leftist candidate. Arce's decision on Tuesday came on the eve of the filing deadline for the 17 August election. He called on former president Evo Morales to also step aside from the race to improve the chances of another left-wing contender. Morales is fighting a court ruling that he is ineligible to run after already having multiple terms. Arce said the Movement to Socialism (MAS) party should rally behind senate president Andronico Rodriguez, 36. Rodriguez announced his candidacy on 3 May as a third way, but remains closely aligned with Morales. He has led the senate since 2020. Four center-right candidates are expected to compete in the race. The MAS has governed Bolivia for most of the past 20 years. Arce and Morales, allies turned enemies, blame each other for Bolivia's economic turmoil, including its dwindling oil and natural gas production. Inflation through April was 5.5pc, up from 1.3pc in the same period last year. Inflation was 9.9pc last year, the highest since 2008. The World Bank forecasts GDP growth at 1.4pc for the year. The oil and gas sector is at the heart of the crisis. Bolivia has gone from fuel independence to importing 54pc of gasoline and 86pc of diesel, both of which are heavily subsidized. The government forecast $2.9bn on fuel subsidies this year. Crude production was close to 21,000 b/d in 2024, according to the statistics agency. It was approximately 51,000 b/d in 2014. Natural gas output, the cornerstone of Bolivia's economic growth for most of this century, has fallen. Output was approximately 33mn m³/d in 2024, down from a peak of 56mn m³/d in 2006. Proven reserves were at 4.5 trillion cf in 2023, less than half of the 10.7 trillion reported in 2017, according to the state-owned YPFB. YPFB in early May announced a new tender to certify reserves by the end of this year. Bolivia stopped daily piped gas exports to Argentina in September and has a contract to export up to 20mn m³/d to Brazil. Domestic demand for gas is close to 14mn m³/d, stated YPFB. On 1 April Argentina began using Bolivia's pipeline infrastructure to ship natural gas to Brazil. Three companies — Argentina's Pluspetrol and Tecpetrol, and France's TotalEnergies — have so far sent gas to Brazil. By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

German road firms issued €10.5mn tender-rigging fines


25/05/14
25/05/14

German road firms issued €10.5mn tender-rigging fines

London, 14 May (Argus) — German competition authorities have found seven companies guilty of co-ordinating tenders and contracts with order values usually of between €40,000 and €200,000. The German Federal Cartel Office (Bundeskartellamt) imposed fines totalling €10.5mn ($11.8mn) on seven road repair companies for customer and tender collusion, it announced on 13 May. The companies involved are AS Asphaltstrassensanierung, bausion Strassenbau-Produkte, Bitunovia, Gerhard Herbers, alles fur den Bau, Mainka Strassenunterhaltung, and Muritzer Oberflechentechnik (Mot). The companies AS, bausion, Herbers and Bitunova were found to have divided various clients from the federal states of Saxony, Thuringia and Saxony-Anhalt among themselves across 2018 and 2019. In 2016-19, the companies bausion, Liesen, Mainka and Mot were discovered to have regularly co-ordinated on tenders from public contracting authorities in Brandenburg and, in 2016 and 2017, Saxony-Anhalt, and the companies Liesen and Mot also co-ordinated tenders in Mecklenburg-Western Pomerania. The violations affected a large number of tenders and contracts from public contracting authorities such as municipalities and state road construction authorities. The orders included road repair measures including surface treatment, patching of road surfaces, crack repair or the supply of bitumen emulsion or chippings. In addition to breaking antitrust law, the bid agreements are also punishable under Section 298 of the Criminal Code. The findings came to a head when the German Federal Cartel Office carried out a search operation in August 2019 together with the Dusseldorf Public Prosecutor's Office and the North Rhine-Westphalia State Criminal Police Office. When setting the fine, it was taken into account that Bitunovia had co-operated with the federal office within the framework of the leniency programme. All proceedings were concluded by way of amicable settlement and the fine notices are final. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more