Venezuela’s oil production

In 2021, Iran began exporting condensates to Venezuela (less than 100,000 b/d) under a swap agreement. Iran’s condensates act as a diluent for Venezuela’s extra heavy crude oil, helping to bolster Venezuela’s oil production and exports. Under the swap agreement, Venezuela sends some of its heavy Orinoco crude oil back to Iran as payment.71 As part of the swap, Iran also began exporting some of its crude oil to Venezuela (less than 100,000 b/d) so that Venezuela could use the oil as a replacement for the similar Mesa 30 crude oil grade. Venezuela uses the Mesa 30 crude ufabet