NEW YORK: US crude imports from Venezuela decreased for the third consecutive week following the restart of a refinery on the coast of Carabobo state.
The US imported an average of 759,000 b/d of Venezuelan crude oil during the week ended 29 May, down by about 12,000 b/d compared to a week prior and by 83,000 b/d compared to the week ended 8 May, according to preliminary weekly data by the US Energy Information Administration (EIA).
Much of the crude import drop is because Venezuelan state-owned PdV began to restart its 146,000 b/d El Palito refinery 21 May. It was expected to be fully operational by the end of May.
State-run utility Corpoelec said heavy rains on 20 May damaged the Planta Centro-Moron substation that supplies the refinery. Heavy rains and lightning also damaged transmission lines along Venezuela’s coastal region and triggered a 24-hour blackout in five states including Carabobo, Falcon, Lara, Vargas and Yaracuy, Corpoelec added.
Less Venezuelan crude availability could contribute to an increase in demand for other Latin American grades. EIA data shows the US imported an average of 459,000 b/d of Colombian crude oil in the week ended 29 May, slightly up from a 431,000 b/d average a week prior. Imports from Mexico increased by a similar amount to about 692,000 b/d.
