Venezuela is ignoring U.S. sanctions with its plan to boost production to 1.5 million bpd by the end of the year, around three times the current output. A document has been released showing that Venezuela has received delivery of condensate from the Rene supertanker in its Jose port. After national production broke down, Venezuela came to rely on condensate imports to thin its extra-heavy crude grades for processing. Due to U.S. sanctions on the country, introduced in 2019 in response to the dictatorship, Venezuela has not been able to produce and export its normal quantities of oil, also finding it difficult to access oil-related products such as condensate, vital for production. New condensate imports reflect Venezuela’s eagerness to reinvigorate its oil industry. With nearly 300 billion barrels of proven oil reserves , Venezuela holds the most oil in the world, and pre-sanction production stood at around 2.4 million bpd, […]