Iran is increasing supplies of a key crude grade that Venezuela is using to boost its aging refineries’ productivity and free domestic oil for exports, documents seen by Reuters on Tuesday showed. The two U.S.-sanctioned countries have strengthened energy cooperation in recent years, swapping Venezuelan heavy oil and other commodities for Iranian gasoline, condensate, refinery parts and technical assistance. The exchange has grown since May when state companies form both nations struck a contract to revamp Venezuela’s El Palito refinery, after earlier work at the country’s largest facility. Venezuela’s state-run oil company PDVSA is set to receive 4 million barrels of Iranian Heavy crude this month, an increase from 1.07 million barrels imported in June and a volume similar to May, when a supply contract with Iranian state firm Naftiran Intertrade Co (NICO) was signed, one of the documents showed. The cargoes are expected to […]