Anas Alhajji @anasalhajji
1- Given the expected White House announcement of sanctions on
#Venezuela that might impact the oil sector, I will be tweeting on
#oil in VZ
2- Indigenous peoples in Venezuela, just like the indigenous people of Arabia & Mesopotamia, were familiar with
#oil in seepages and used it
3-They used
#oil as medicine for humans and animals and used tar to caulk ships and canoes
4-The first Venezuelan
#oil exports was a single "barrel" exported in 1539 to treat emperor Charles V arthritis
5-First commercial oil well was discovered in 1914 by a company that was later acquired by
#Shell
6- One of the greatest Venezuelan men was Juan Pérez Alfonso, the founder of
#OPEC. He got the idea from The TEXAS Railroad Commission
#OOTT
7- Alfonso was a great man with a great vision for the third world countries in general and his country in particular
#Venezuela #oil
8-The only reason that his bosses agreed to the formation of
#OPEC was the continuous loss of market share to ME countries
#Venezuela #oil
9- Other
#OPEC founding members agreed because each country has its own reasons. Seeds of conflict were there since OPEC was conceived.
10-The birthday of
#PDVSA was the day
#Venezuela nationalized the
#oil industry: January 1, 1976
#OOTT
11- For an overview of Venezuela’s energy industry see:
#Venezuela #OOTT #oil https://www.eia.gov/beta/international/analysis.cfm?iso=VEN …
12-The US exported about 93 kb/d last April to
#Venezuela. The largest portion were unfinished oils to be used as diluent for VZ heavy crude
13- US oil imports from
#Venezuela have been relatively stable since 2013 at around 800 kb/d
#oil #OOTT #OPEC
14-US oil imports from
#Venezuela (mb/d)
#oil #OOTT #OPEC
15- US exports of petroleum products to
#Venezuela (kb/d)
#oil #OOTT #OPEC
16- Any ban on imports of Venezuelan crude will most likely be associated with large release from the SPR
#Venezuela #oil #OOTT
17- In case of a ban, trading companies will swap tankers to mitigate the impact on the US (and make money)
#Venezuela #oil #OOTT
18- The impact on
#oil prices will be short lived. The impact on differentials could be significant
#Venezuela #oil #OPEC
19- In case of a complete ban on
#oil imports and exports, India might step in and buy the heavy crude and send refined products
#Venezuela
20- If the ban is only on US
#petroleum products exports to
#Venezuela, Algeria and Nigeria will supply Venezuela. It takes up to 4 weeks.
21-
#CITGO has three refineries in the US: Corpus Christi, Lake Charles, and Lemont that employ more than 3800 people
#Venezuela #oil #OOTT
22- U.S. imports of Venezuelan crude fell 32 percent in June to a 13-year low of 491,000 bpd, according to Reuters data (lower than above)
