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PDVSA tells crude buyers it cannot meet full supply commitments for June: source

Caracas, Venezuela — Venezuela's PDVSA has notified eight international customers it will notbe able to meet its full crude supply commitments in June, a PDVSAofficial told S&P Global Platts Monday.

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The source, who spoke on the condition of anonymity, said PDVSA iscontractually obligated to supply 1.495 million b/d to those customers inJune, but only has 694,000 b/d available for export.

"Among the affected clients due to the low availability of crude toexport are Nynas, Tipco, Chevron, CNPC, Reliance, Conoco, Valero, andLukoil, which will partially receive the volumes established by thecontracts," the source said.

Most of the affected crude is Venezuela's Merey 16 grade, a mix of lightcrude and extra-heavy crude from the Orinoco Belt.

"[PDVSA is] committed to supply contracts with a volume of 1.271 millionb/d of Merey 16, but will only have 578,000 b/d available," the sourcesaid.

Venezuela has seen its oil industry crumble amid mismanagement,corruption and a lack of investment in recent years. Crude production hasplummeted by 900,000 b/d over the past two years to 1.41 million b/d inApril, according to Platts' most recent OPEC production survey.

The source said US-based Conoco is due to receive 165,000 b/d of Merey 16this month, but PDVSA will only be able to provide 100,000 b/d.

"If Conoco does not want to [take] that volume, PDVSA will assign it toanother client," the source said.

PDVSA is due to provide Russia's Lukoil with 222,000 b/d of diluted crudeoil, or DCO, in June, but only has 116,000 b/d available, said thesource. --Mery Mogollon, newsdesk@spglobal.com

--Edited by Kevin Saville, newsdesk@spglobal.com