U.S. Focus on Venezuelan Oil after Maduro‘s Capture
The United States’ move to take control of Venezuela’s oil sector following the capture of President Nicolas Maduro has brought attention to the specific type of crude oil held by the South american nation. Crude oil, produced by roughly 100 countries, varies greatly in viscosity and sulfur content, impacting its value and refining processes.
What is the difference between ‘heavy’ and ‘light’ grades of oil?
Crude oils are categorized as “heavy” or “light” based on their viscosity, also known as gravity. Thay are also classified by sulfur content, with high-sulfur grades labeled “sour” and lower-sulfur varieties called “sweet.”
Heavy, sour grades are more challenging and expensive to refine into products like gasoline, diesel, kerosene, and jet fuel. Generally, lighter and sweeter crude commands higher prices in the market.
Certain countries and regions specialize in producing specific grades. Canada primarily produces heavy, sour crude, while African varieties tend to be lighter and sweeter.Popular light, sweet varieties include Saudi Arabia’s Arabian Super Light, Iran’s South pars Condensate, Malaysia’s Tapis Blend, and Australia’s Cossack.
Among the most traded heavy, sour varieties are China’s Shengli, the United Kingdom’s Kraken, Iraq’s Basra Heavy, and Iran’s Soroosh.
What type of oil does Venezuela have?
Venezuela possesses the world’s largest proven oil reserves, estimated at 303 billion barrels. The majority of these reserves consist of heavy, sour crude located in the Orinoco Oil Belt, in the center of the country.
This oil is exceptionally dense and viscous, with a tar-like consistency requiring specialized extraction methods like steam injection and diluents. Industry analysts believe unlocking the Orinoco Oil Belt’s full potential will require substantial investment, given the deteriorated state of the sector’s infrastructure and expertise following the nationalization of the industry under the late Hugo Chavez and subsequent U.S. sanctions.
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