This is a special preliminary announcement:
There is news floating about that Venezuela’s key crude oil export terminal (Jose Terminal), near Barcelona, has suffered damage. This implies a drop in exports are in place or coming. Meanwhile, others on the ground are saying that there are long fuel lines and power outages. The source of that power generation is based on hydrocarbons.
The usual 1.5 million barrels per day in production vs 1.0Mbpd in exports has now shifted significantly. Our preliminary export number over a 29 day period is 1.2 million barrels per day.
Anything can happen between now and end of the month, but we think it is vital that you are informed of what the actual reality is.