25 January 2023 | Macroeconomics

Production in second-largest refinery in Venezuela is suspended

A failure occurred at the Cardon plant in Venezuela. The accident took place at a crucial gasoline production unit. Due to this, the unit won’t operate for nearly 25 days, as four employees of the enterprise said on Tuesday. 

This unit was able to refine 45,000 bpd. Last year, it operated with halts.    

State-owned oil company PDVSA from Venezuela didn’t agree to explain the situation at the plant right away, which is the second-biggest in Venezuela after the Amuay plant.

Cardon belongs to the Paraguaná Refinery Complex together with Amuay. It can refine 310,000 bpd.

Recently, PDVSA strived to raise production. However, it didn’t succeed to satisfy the demand, and people had to wait in line for gasoline for a very long time. This is especially true for Venezuelans living outside the capital Caracas.

Company MarketCheese
Period: 29.11.2024 Expectation: 700 pips
AUDCAD does not exit downward trend lines
22 November 2024 41
Period: 02.12.2024 Expectation: 560 pips
Brent oil on its way up after exiting bilateral pattern
22 November 2024 133
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
2nd in the segment "Currencies"
Period: 26.11.2024 Expectation: 2840 pips
Selling USDJPY with target at 152.00 influenced by BoJ policy
21 November 2024 92
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 25.11.2024 Expectation: 700 pips
EURUSD can not move far away from 1.052 level yet
20 November 2024 87
Period: 12.12.2024 Expectation: 2080 pips
Canadian statistics reverse USDCAD to selling
20 November 2024 69
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 30.11.2024 Expectation: 660 pips
Selling AUDCAD to 0.9040
20 November 2024 48
Go to forecasts