Three Venezuelan crude cargoes at Cartagena

Three cargoes of Venezuelan crude arrived at the Spanish Mediterranean port of Cartagena in September — as many as in the rest of the year combined — while two gasoil cargoes departed to Venezuela.

Cartagena received over 45,000 b/d from Venezuela. Two cargoes loaded at the Jose terminal and the third carried Merey grade crude, according to Argus tracking and port authority data. The deliveries follow a single 500,000 bl shipment received from Venezuela in August.

Another pair of crude cargoes from Venezuela arrived at Repsol's 240,000 b/d refinery at Bilbao. Repsol chief executive Josu Jon Imaz said the firm receives two tankers a month from Venezuela. They arrive as payment for the Cardon 4 gas venture and for its share of output from the PetroQuiriquire heavy crude joint venture, in which Repsol has a 40pc stake.

Separately, Repsol is moving a 260,000 bl cargo of gasoil to Curacao, slated for a 5 October arrival, with port data saying its final destination is El Palito in Venezuela. Repsol also moved a 225,000 bl gasoil cargo to Amuay, Venezuela from Cartagena at the start of the month, arriving 21 September.

In May, Repsol had paid for the excess crude received from Venezuela in diesel instead of gasoline after liaising with the US government. The US imposed oil sanctions on Venezuela in late January. Repsol has yet to reply to a request for comments for the September cargoes.

Cartagena serves Repsol's 220,000 b/d refinery at the port and the inland 135,000 b/d Puertollano plant. Total deliveries were a little over 265,000 b/d in September, down from 350,000 b/d in August, according to Argus estimates.

Receipts fell as works on hydroskimming and conversion units at the refinery started at the beginning of this month. The maintenance will affect nearly half of the refinery.

In September, the port received 70,000 b/d from Sidi Kerir — a transit point for crude from Saudi Arabia, Iraq and the UAE. This edged out Mexican supplies, which were around 65,000 b/d, down from 95,000 b/d in August. Another 40,000 b/d came from Iraq's southern loading terminal at Basrah and 20,000 b/d from the UK.

Five tankers — from Mexico, Brazil, Norway, Dalia in Angola and Sidi Kerir — are signalling arrival at Cartagena in the first half of the month, with a total of 4.8mn bl on board.

Spain received a total of around 1.24mn b/d of seaborne crude last month, down from 1.39mn bl in July, according to Argus estimates. Lower deliveries to Cartagena largely accounted for the decline.

For the second month in a row Spain's largest suppliers in September were Nigeria and Mexico, with 265,000 b/d and 185,000 b/d, respectively. They were followed by Sidi Kerir with 170,000 b/d and Libya with 150,000 b/d. Venezuela was the sixth biggest supplier shipping 75,000 b/d, up from 30,000 b/d in August and the highest level since January.

Cartagena crude supply mn bl