Re:Venezuela devalues the bolivar by 95% and pegs it to ‘oil...
by atombender on Monday August 20, 2018 @01:46PM
(#17802047)
Yes, their oil has to be refined a lot more than other types [1]:
> Venezuela produces extra-heavy crude oil in the Orincoco Oil Belt area and heavily relies on imports of lighter liquids (diluents) to blend with this crude oil to make it marketable. Financial difficulties recently have occasionally prevented the state-owned oil company, Petroleos de Venezuela SA (PdVSA), from importing the necessary volumes of diluent to sustain production and exports.
> Venezuela produces extra-heavy crude oil in the Orincoco Oil Belt area and heavily relies on imports of lighter liquids (diluents) to blend with this crude oil to make it marketable. Financial difficulties recently have occasionally prevented the state-owned oil company, Petroleos de Venezuela SA (PdVSA), from importing the necessary volumes of diluent to sustain production and exports.
[1] https://www.eia.gov/todayinenergy/detail.php?id=35312