Venezuela’s PDVSA and its partner CNPC have restarted operations at their jointly operated Sinovensa project, where an oil blending plant was shut down last week because of the buildup of excessive stocks, Reuters reports, quoting a person familiar with the matter and an internal document. Excessive stockpiles of crude are one of Venezuela’s problems caused by U.S. sanctions targeting its oil company. Now these must have gone down so the Sinovensa blending plant, which is near Venezuela’s largest oil export terminal, the port of Jose, is operating again. The plant blends superheavy from the Orinoco Belt with light crude to produce the popular Merey blend. According to the document Reuters said it had seen, the facility produced 105,000 barrels of Merey crude on Tuesday. This is Venezuela’s total Merey blend production since there are no other blending plants in operation at the moment. Yet PDVSA is building a new […]