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America has not imported Venezuela oil last week. That's why it's a big deal



It marks a sharp decline from the previous week when the United States imported 112,000 barrels per day from Venezuela. The decline in oil supplies from Venezuela helped raise US oil prices above $ 60 a barrel this week for the first time since November.
But US refineries in the Gulf bay have long relied on Venezuela's heavy raw material to dispose of gasoline, jet fuel and diesel fuel that keep the buzz of the US economy. Only a year ago, Venezuela had delivered more than half a million barrels of oil per day on US shores, making the Latin American one of America's largest suppliers.

"I suspect it will remain at zero," said Raffin Fitzmauris, Rabobank energy strategist, "We really need that heavy raw material coming from Venezuela. We believe it is difficult to get it from elsewhere. "

Adding to the misery in Venezuela

The United States has never gone a whole month without importing oil from Venezuela since EIA began measuring those monthly data in 1973

While the sanctions were imposed in January, Fitzmaurice said that some shipments from Venezuela continue to arrive in recent weeks due to the condemnation of US officials and the fact that the raw material is already on Gulf Coast ships

Separation from the United States states contributing to h and the misery of Venezuela, the nation is covered by a humanitarian catastrophe marked by famine, lack of drugs and massive power losses

Before the sanctions, the United States was Venezuela's first oil customer, the Venezuelan government relied on oil exports for 90% of its revenues

The years of insufficient investment from the country led to a sharp decline in Venezuela's oil production. But this situation has been exacerbated by the recent chaos and US sanctions. "Venezuela has been a problem kid for the oil market for quite some time," says Michael Tran, director of RBC Capital Markets' global energy strategy.

Saudi shipments have fallen by 37%

Closing oil supplies from Venezuela increases pressure on energy prices. US oil has grown by 40% on Christmas Eve and gasoline prices are higher.

A large part of the raw jump is caused by the fact that OPEC and its allies agreed last year to cut production in an attempt to clear overpass. The strategy works. After the fall of the bear market last fall, the raw material was set on fire in 2019

Saudi Arabia, the king of OPEC, cut sharply oil supplies to the United States. The aim is to convince oil traders and analysts that it really reduces production. The United States has the most timely and accurate inventory data.

  America is set to overtake Saudi Arabia in remarkable times. America is about to outrun Saudi Arabia in remarkable times. US oil imports from Saudi Arabia dropped 37 percent last year to 407,000 barrels per day, according to the EIA.  t

t They are 68% less than two years ago.

"The Saudis are specifically targeted at the United States," Fitzmauris said.

The good news for the US is that it pumps up tons of oil at home. Powered by the shadow revolution, US productivity has risen to record highs. Indeed, the United States is now the world's leading oil producer

Canada and Mexico have their own problems

The bad news is that US refineries can not rely solely on American shale oil. This is because not every barrel of crude oil is created equally. While US shale oil is high-quality light, the decades-long refinery system of the Gulf is configured to work on a healthy dose of heavy, lower quality raw material.

"As for really hard things, we do not really have one," Fitzmauris says.

Normally, the United States can turn to Canada for heavy raw materials. But Canada has exhausted the pipelines used to transport crude oil to its southern neighbor, limiting production.

"Canada is exhausted," said RBC Tran.

Mexico also produces heavy raw materials. But oil production in Mexico has been steadily declining for years.

The situation has caused a strange phenomenon where heavy crude oil is traded at a flat or even a premium price.

"Why would he pay more for something of inferior quality?" "It's getting harder and harder to find these heavy raw materials," said Tran


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