Venezuela's refineries working at ~35% of capacity or 450,000 bpd of crude processing
Newsquawk Staff ·
Venezuela's refineries working at ~35% of capacity or 450,000 bpd of crude processing.
What it means
The report highlights that Venezuela's refineries are operating at approximately 35% capacity, equating to about 450,000 bpd of crude processing. This low utilization is a significant supply-side concern which could tighten global oil markets if it persists, potentially supporting prices for both WTI and Brent in the near term.
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
Related headlines
- Equinor (EQNR NO) CEO says what happens in the Middle East determines the price of oil, refined products and gas; hopes that Britain will approve the Rosebank oilfield6 hours ago
- US EQUITY OPEN: Indices rangebound ahead of FOMC and major earnings1 hour ago
- [MARKET ANALYSIS] Crude grinds higher, Dutch TTF remains just under EUR 100/MWh, metals subdued 5 hours ago
- [MARKET ANALYSIS] Contained, but a bearish skew, across fixed income into the UK Budget and FOMC5 hours ago
- Russia and Azerbaijan are discussing natural gas swap supplies, reports Interfax1 hour ago
- US EIA Heating Oil Stocks Change (Oct/23) 0.164M (Prev. 0.652M)41 min ago
- US EIA Crude Oil Imports Change (Oct/23) -0.796M (Prev. 0.837M)41 min ago
- EIA Cushing Crude Oil Stocks Change (Oct/23) -0.624M (Prev. 0.987M)41 min ago
- US EIA Refinery Crude Runs Change (Oct/23) -0.123M (Prev. 0.034M)41 min ago
- US EIA Crude Oil Stocks Change (Oct/23) -1.892M vs. Exp. 0M (Prev. -3.061M); SPR falls 0.1mln to 282.6mln41 min ago
- EIA Expectations: Crude +0.35M, Distillate -0.63M, Gasoline -1M56 min ago
- PREVIEW: BoC Rate Decision and Governor Statement due Wednesday 28th October, 2026 at 13:45GMT/09:45EDT1 hour ago
- Al-Mayadeen correspondent in Iran says Iranian officials believe that Trump wants to bring the nuclear issue into the negotiations, which Iran rejects1 hour ago
- Ukrainian President Zelensky says negotiations between Ukraine, Russia and the US could take place as early as November 10th2 hours ago
- US Midterms (6 days out): Florida flips to a Republican early-vote lead and Kansas narrows further; Crystal Ball shifts House and Senate races towards Democrats2 hours ago